I've just seen another instance of this failure, this time using a 3.4.0 release test OS X installer build (non-debug, built on and running on OS X 10.5).  The added diagnostics show up:

[186/389/1] test_logging
Deleted at 1394930826.466016, opened at 1394930826.456779
test test_logging failed -- Traceback (most recent call last):
  File "/Library/Frameworks/Python.framework/Versions/3.4/lib/python3.4/test/test_logging.py", line 618, in test_race
    h.handle(r)
  File "/Library/Frameworks/Python.framework/Versions/3.4/lib/python3.4/logging/__init__.py", line 837, in handle
    self.emit(record)
  File "/Library/Frameworks/Python.framework/Versions/3.4/lib/python3.4/logging/handlers.py", line 468, in emit
    self.stream = self._open()
  File "/Library/Frameworks/Python.framework/Versions/3.4/lib/python3.4/logging/__init__.py", line 1007, in _open
    return open(self.baseFilename, self.mode, encoding=self.encoding)
PermissionError: [Errno 1] Operation not permitted: '/tmp/test_logging-3-92xfhrsa.log'

During handling of the above exception, another exception occurred:

Traceback (most recent call last):
  File "/Library/Frameworks/Python.framework/Versions/3.4/lib/python3.4/test/test_logging.py", line 626, in test_race
    h.close()
  File "/Library/Frameworks/Python.framework/Versions/3.4/lib/python3.4/logging/__init__.py", line 992, in close
    self.flush()
  File "/Library/Frameworks/Python.framework/Versions/3.4/lib/python3.4/logging/__init__.py", line 939, in flush
    self.stream.flush()
ValueError: I/O operation on closed file.