https://en.wiktionary.org/w/index.php?title=Template:punctuation&action=edit&lintid=9910747 was listed as containing a mis-nested tag.
It contains the sequence...
{{top5}}
<small>
*[[apostrophe]] ( '''[[']]''' ) ( '''[[’]]''' )
*[[brace]]s ( '''{{unsupported|left curly bracket}} {{unsupported|right curly bracket}}''' )
*[[bracket]]s ( '''{{unsupported|[}} {{unsupported|]}}''' )
*[[colon]] ( {{unsupported|:}} )
*[[comma]] ( '''[[,]]''' )
</small>This when expanded generated
<div class="derivedterms" style="column-count: 5; -moz-column-count: 5; -webkit-column-count: 5;;">
<p><small>
</p>
<ul><li><a href="/wiki/apostrophe" title="apostrophe">apostrophe</a> ( <b><a href="/wiki/%27" title="'">'</a></b> ) ( <b><a href="/wiki/%E2%80%99" title="’">’</a></b> )</li>
<li><a href="/wiki/brace" title="brace">braces</a> ( <b><a href="/wiki/Unsupported_titles/Left_curly_bracket" title="Unsupported titles/Left curly bracket">{</a> <a href="/wiki/Unsupported_titles/Right_curly_bracket" title="Unsupported titles/Right curly bracket">}</a></b> )</li>
<li><a href="/wiki/bracket" title="bracket">brackets</a> ( <b><a href="/wiki/Unsupported_titles/Left_square_bracket" title="Unsupported titles/Left square bracket">[</a> <a href="/wiki/Unsupported_titles/Right_square_bracket" title="Unsupported titles/Right square bracket">]</a></b> )</li>
<li><a href="/wiki/colon" title="colon">colon</a> ( <a href="/wiki/Unsupported_titles/Colon" title="Unsupported titles/Colon">:</a> )</li>
<li><a href="/wiki/comma" title="comma">comma</a> ( <b><a href="/wiki/," title=",">,</a></b> )</li></ul>
<p></small>
</p>which is clearly mal-formed. as the small tags aren't matched within the generated <p>'s, and thus small isn't necessarily being applied to the lists concerned.
Whilst in this instance the<small></small> pair could be replaced by a styled div, it would be nice to have a documented explanation of precisely why a single line HTML tag is causing <p></p> wrapping in this manner, as it could effect other tags, in ways that are not necessarily as easily fixed.