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That Other Guy
I was mistakenly under the impression that magic resist took off a flat amount of damage, but upon going to grab the information to disprove your assertion I discovered that magic resist give a multiplier using the formula 100/(100+ MR) and now feel like an idiot xD Guess I still don't know what the problem is.
And yes, MF needs some reworking. As it currently stands you can build her AD and get outshined by other carries or build her AP and get outshined by other mages.