301 and ranking power loss

I am looking at a domain that has a wayback machine history of being 301'd to another site. Neither site have been spammed but they don't look like the same company. However I have read that doing a 301 will permanently move the strength and penalties of the old domain to the new, redirected, domain.

Question: does the old domain still have the same ranking power it did before the 301 or does it flow back to the old domain since the 301 has been revoked?