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Let $R$ be a ring with unity. Is possible to have $M\oplus M \simeq N \oplus N$ and $M$ not isomorphic to $N$, where $M$ and $N$ are $R$-modules?

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The following MathOverflow thread discusses the question and several counterexamples are presented. Perhaps there are even more elementary ones?

If $M$ and $N$ are finitely generated and $R$ is a principal domain, then the assertion is true. This was discussed in the following thread.