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Peck Inc., a US corporation, purchases weight lifting equipment for resale from HiDisu, a Japanese corporation, for 75 million yen. On the date of purchase, 75 yen is equal to $1 US. The purchase is made on December 15, 2012, with payment due in 90 days. Peck is a calendar year taxpayer. On December 31, 2012, the foreign exchange rate is Y80: $1. What amount of foreign currency gain or loss, if any, must Peck recognize for 2012 as a result of this transaction? For 2013/

30. Peck Inc., a US corporation, purchases weight lifting equipment for resale from HiDisu, a Japanese corporation, for 75 million yen.  On the date of purchase, 75 yen is equal to $1 US.  The purchase is made on December 15, 2012, with payment due in 90 days.  Peck is a calendar year taxpayer.  On December 31, 2012, the foreign exchange rate is Y80: $1.  What amount of foreign currency gain or loss, if any, must Peck recognize for 2012 as a result of this transaction? For 2013/

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