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Puce is a corporation that buys and sells financial assets. It purchases notes receivable from manufacturers that need cash immediately and cannot wait to collect the notes. Puce pays about 88% of the face value of the receivables and then col- lects them. Because of the quality of the notes, Puce collected less than it paid for some of the notes. Does Puce have a capital loss when it collects the receivables for less than
it paid for them? Explain.