The Israeli Merkava can do both, but when it does it reveals the weakness of the setup; it has to remove almost all of its ammo, leaving only a handful of shots in a little rack up front.
APCs are largely big empty boxes with engines and benches. If you want to turn it into a tank with tank-sized weapons, you gotta put on a turret that takes up a decent amount of space, and ammo racks that also take up a decent amount of space. Historically, people who wanted to go in the other direction and turn tanks into APCs usually did so by first ripping the turret off.
IFVs (Infantry Fighting Vehicles) bridge the gap, using smaller weapons and somewhat smaller turrets, in exchange for a smaller carry capacity in terms of soldiers in the back.
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