If you breed two tames together, it doesn't matter if they are levelled, imprinted or cloned, you only get the base stats (as they are when tamed or bred) all of these are ignored. So the baby will not inherit any levels or imprint bonus from the parents. Its level is based entirely on how many points it has when born.
An example may be, you have 2 identical rex's, they are born level 100, you level them up to 150 and breed both 150 rex's together. The baby will be born level 100. If you have 2 identical tames the baby will get the same stats as the parent (ignoring mutations)
If you have 2 tames that have different stats, lets say one has 10 points in melee and the other has 20 points. The baby will have a 50% chance to get either of those stats and the level of the baby will change depending on which stat it took from the parent, in some cases you could have a mother at level 100, father at 150 and the baby might be 120 because its total level = total stat points.