Heat the oil in a large skillet over medium-high heat. Add the chicken, and cook and stir until lightly browned, about 5 minutes. Stir in the sliced onions and red peppers, and cook and stir for 5 minutes or until the vegetables are tender. Stir in the tomato juice and taco seasoning, and mix well. Cook mixture until the juice has thickened and the chicken is well coated with sauce, about an additional 7 minutes.
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