Audio needs noise reduction, reverb and compression effects etc. applied. It will be exported from Liquid, loaded into Adobe Audition for processing, and re-imported back into Liquid.

There are several options in 'Save As File' for saving audio - my question is, what is the best format to save in to minimise quality reduction at this stage?

And then the next link in the chain, what would then be the best format to save the file as in Audition - preparing it to go back into Liquid?

I'm aiming for minimal quality loss by the time the processed audio gets back into Liquid.

When you capture from a tape and right click on a clip to check the properties for the audio, you will see that it is a wav file, 16 bits 48 khz and that is also Liquid standard. Use those properties also for export and import.