MUltiple Domains - Adwords penalty?

[Quantam Goose]

I have two domains that are identical except that they end with .com and .net. At the server level they resolve to the same host platform address. Does Adwords see this as duplication of content? This was done to insure that someone did not grab that one of the URLs.

[smallcompany]

From what SEO folks say - 301 is the way to go. That way you will ensure you don't get penalized.
If you maintain two domain names pointing to the same content, you have two sites with duplicated content.