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Draw a circle in top view



Select the circle, go to the Modifiers list and select Bevel Profile, and on Pick Profile, select the first shape:



Convert this to an editable Poly select the top and delete



Go to Modifiers Panel and select Shell (is available only for Max 6 as I know), and adjust the thickness of the object how you like



Now to make the special for of the glass we need to cut a little of the top, using booleans. We will use a box like so:



And go to Compound Objects and use Booleans



The problem is that now we have some artifacts - the face there is not ok. Deleting the face or the edge has now worked.



So we will insert a vertex or two on that line and use Target weld to the opposite vertexes to correct this.



Same proble here:



Now all is ok. Select the edges and chamfer them twice, just a little. If you wish to make the bottom of the glass thicker just select the bottom of the glass and drag it down.



I have modified the shape of the glass by using the Taper tool from the Modifiers list.



First choose V-ray renderer. Not fancy rendering settings, just in the V-ray: Image Sampler(Antialising), turn of the Adaptive subdivision. For the glass materials use this settings:



and for the liquid this



For the lighting I have used an Omni light, V-ray shadows cheked and on V-ray shadows parameters check Transparent shadows and area shadow. Use a plane for the scene and assign a white color to this.



It looks fine, but not really :). The glass need something to reflect. To do this use a HDRI map. You can find some HDRI images at this address http://athens.ict.usc.edu/Probes/



and assign this to V-ray Environment



and the result





And with caustics the scene will look like this: