Will Google Slap A New Domain Since It’s A 301 Redirected To An Old Domain In The Same Hosting Account?

In episode 91 of Semantic Mastery’s weekly Hump Day Hangouts, one viewer asked if Google will slap a new domain that is being redirected from an old domain within the same hosting account.

The exact question was:

Hey guys,

So i have a domain that caught some bad link juice and now has consistently bounced around the page 2 – 3 swinging wildly in position for 4 months now. I would like to a new branded domain and 301 the old domain to the new domain. The thing is I will move the old domain to a new hosting provider which will be the same account and host that my new purchased branded domain will be on. Will google slap my new domain since I am 301ing my old domain which is on the same hosting account as the new domain? — I still want to use the old domain as I put 6+ months of link building into it and want to still use that juice on the new branded domain.

The reason why I am doing the domain transfer is I do not want to pay $155 a year for hosting. I hvae the domain parked for $16 a year can I just do the 301 and leave the domain parked? How do I do it if the domain stays parked?

Thanks as always