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Default Date format changes to formula

Got a weird one. I set the date format in a cell. Then if I type the date in
mm/dd/yy format it coverts to a formula. It looks like this in the cell:
01/00/00 and the formula bar show this: =10/19/6

I've tried setting all different date formats but it is still spontaneously
switching to a formula and not displaying as a date.

Ideas?
 
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