You may be missing that the paired conductors are 105C copper. Here is a link to an NEC ampacity chart.
12AWG copper rated to 90C (105C is not listed) is rated to 30A doubling the conductors would get you to 60A before de-rating 20% for 4 current carrying conductors for a total of 48A.
David Johnson
How can the Ultra Flexible cable sold here which contains double 12AWG cable actually be rated at 40A continuous? Sounds like 32A continuous to me?
What am I missing here?