Re: Drop Shadow Disappears [branched]

Having the same issue with the newest version of Photoshop.   When rasterizing, merging, or flattening an image, the drop shadows are lost or reverted.  Within the drop shadow effects tool in a layer, there is a check box that says "Layer Knocks Out Drop Shadow;" however, checking or unchecking this box on any or all layers does not seem to help.  Even when just saving a file with the drop shadow on a layer as a jpg, the shadow will not be in the saved image.  Can anybody help?  Is this a glitch with the new version?

[Branched from 2012 discussion by moderator.]