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Preheat oven to 350 degrees. Butter and flour two 9x5x3 inch loaf pans.
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In an electric mixer on medium-high speed, beat sugar and oil until combined. Add eggs, one at a time and mix well. Add in pumpkin and mix again.
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In a separate bowl, sift together flour, cinnamon, nutmeg, cloves, salt, baking power and baking soda. Slowly add dry ingredients to pumpkin mixture with mixer on low speed, in two to three additions. Mix until combined. Do not over mix. If using pecans or walnuts, add them and mix until combined.
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Divide the batter between the pans and bake for 1 hour and 10 minutes or until a tester inserted into the middle of the loaves comes out clean.
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Transfer pans to wire racks to cool for 15 minutes. Use a sharp knife to loosen the loaves around the edges of the pans and turn them out to cool completely (about another 45 minutes or so).
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Dust with Confectioner's sugar (if desired) and serve.