I have the extended column on mine which adds 4", I've never measured to see if it is a full 12". I'm not home so I can't measure it right now.
It seems like machine measurements involve a bit of alchemy. Like the 9x19" / 9x20" lathes are the same machine, the only difference is whether it is sold with a live or dead center as as standard, the live center being a little longer resulting in a shorter center to center measurement.
If the discrepancy is only 1/2" it may just be that the measuring point isn't actually where one would assume it is. It also isn't uncommon for there to be a little bit of rounding or wishful thinking on smaller machines. Lots of 8-10" lathes and even some of the 11-12" fall short of their full claimed capacity rounding up to the closest whole number. The 9x20s mentioned above are only an 8-3/4" swing and several of the 10" lathes are only 9-1/2".