The loss modulus E″ in elastomer strips stretched by a factor of λ is studied theoretically. A small oscillating deformation is applied to these strips in the transition frequency zone between the glassy and rubbery states. The range of λ under study ranges up to ultimate extensions close to fracture. A model of E″/λ dependence in the transition frequency zone is suggested that considers the possible distortion in the local chain structure in the ultimate extension range. It is found that E″ in the range of moderate and high λ increases owing to the finite extensibility of the chains. However, upon further extension up to ultimate values, E″ decreases and a maximum appears on the E″/λ curves. These features are also confirmed experimentally.