If you consider the ball being thrown up high on the backboard by the player who was fouled to be a shot, then the ball is still live. Therefore, it doesn't become dead until it is clearly going to be unsuccessful or the second player jumps up and grabs it. Was the foul called in the act of shooting?
My point is that, in this play, there is very little time between when the ball actually becomes dead and when the second player attempts the dunk. This should give you a good enough reason to pass on any penalty, unless you believe the player is showing off.
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