In theory, yes, if you captured France as Germany with only 1-2 land units remaining, you would collect all France unspent IPC. Then, if France is liberated (by any Allied power) and recaptured by the Axis after France’s next collect income phase, the conquring Axis power would collect any remaining IPC’s from France.
I say in theory, because practically speaking, as the Axis, it would be difficult to plan for this, unless you were willing to both sacrifce air units to ensure a capturable amount of land units remain and assume the Allies would recapture with a likewise “recapturable” amount of land units left in France.
While it may be advisable to retake a capital to prevent the enemy from making it through a production and deployment phase, allowing them to keep the capital until it can be liberated and soundly held may be less detrimental then giving the enemy a chance at a “second collection” depending on the production level of the power being (re)conquered.
