LP to Apple Lossless conversion


I am trying to convert my LPs into Apple Lossless files. What software program can I use to turn the incoming digital data stream into Apple Lossless / other Mac compatible files?

My hardware: Music Hall turntable, Parasound phono preamp, Canopus ADVC-110 (converts analog input to digital out via Firewire) to Mac Pro

kocsis

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Is AIFF a lossless format (i.e. contains all the original bits as in a WAV or Apple Lossless file)?

How does one get the software (be it Amadeus Pro or Audacity or ...) to recognize / pick up the digital data stream coming in via Firewire on a Mac? Or, does Amadeus take the analog input and do the analog to digital conversion?

Those of you who've done such vinyl to digital conversions ON A MAC: is there any benefit to doing such an A/D conversion via software vs. hardware?
Thanks.