jakebohall - 1:18 pm on May 22, 2013 (gmt 0)
It would be important to know whether the site has had a sitewide penalty or page/keyword specific penalty.
In many cases of Penguin, there is only an algorithmic penalty affecting specific keywords and pages, in which case I would assume that those pages would be less trustworthy and thereby pass less "juice" through their links. In these instances, I would think links from unpenalized pages would be unaffected.
If the site has seen a sitewide penalty, it is likely that all links coming from that site would be devalued.