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Yes you will be penalised. But there is a trick to get the link juice to the money site.
Depends on the history of the domain that is redirecting to your main site. For example, if domain A has thousands of spammy links pointing to it, when you do a 301 redirect, all the links will be forwarded to your main site.
Be careful!
What history? If it's registered anew after the domain expired and dropped, there's no history.
There's no penalty for it. They removed all the bad backlink penalties some time a go.
on topic:
You can PM me for 'the trick'.
Most of the links will become nofollow for some reason, not all of them. If you take over the site there will still be links pointing towards it.
@jmginer, it works and I've seen various proofs of it working for high value terms. Obviously it runs the risk of getting your rankings slapped due to manual review, but as with everything, it's good in moderation and depends on your aims.
My colleague and I are actually in the process of launching a system that has a DB of 150 million+ domains , and looks for good expired ones based on various metrics. It's searchable by various metrics, anchor texts and domain name (text searches use a large trigram index so everything is searchable).
If it's something of use to me send me a PM. It'll be live in a week or two.
Of course there is.
Here's a great video from Matt Cutts on what happens to your pagerank when using a 301 redirect. It's a little old, but coincides with what several other people have said above, as well as going into it a bit deeper. Hope this clears this up for you.