I've never seen any kind of penalty for linking between sites on the same class c, or same IP for that matter.
According to google, it's the content that counts, among all the other criteria for ranking. If it has it's own domain, or even subdomain, and the link is relevant, it should not matter whether it's the same IP.
Think about blog hosts and shared hosting. They all come from the same IP(s), and each site can still rank seperately with it's own PR.
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