Question 5. Fred explained to his client that key person insurance for revenue purposes is tax deductabie and assessable and that key person insurance for capital purposes is non-deductabie and nonassessable. Fred was a nancial tax adviser but not a tax agent so he cautioned his client to make sure that their tax agent did not claim a tax deduction for the key person insurance for capital purposes or it is likely that the ATO wili consider that the benet is assessable, leaving them underinsuredt Fred wanted to use the insurance product of his product provider because he could claim more for upfront commissions and ongoing commissions than if he chose a competitor's product. (a) Identify and explain the conflict of interest in this scenario, referring to specific principles of the Code of Professional Conduct. (in) How should Fred manage the conflict of interest? (c) Identit',r and explain ethical considerations relevant to the preparation of tax documentation for legal entities in general