Managers who are good coaches are like good journalists: they listen first and investigate the who, what, when, where, why, and how.
Remember that the real task is to stimulate thinking and help the person across the table gain clarity about some issue of concern. No matter how much we know, we can't stuff it into the other person's heart and mind. When we're on the other side of the table, what do we want?
A sounding board and a mirror.
Listen for gaps in logic, wandering thoughts, missing information, and lurking dangers that seem unknown. Help the person expand upon the answers to your questions, rethink the answers, or find even better ones.
We humans love to give advice. Why?
To use and show off our knowledge; boost our own sense of self; "prove" something; reduce someone else's learning curve and the pain that goes with it; or to show genuine empathy and support.
Some of these reasons are honorable while others are really "all about us." Pausing to check our own motives can help us head off the temptation to offer "help" that isn't really helpful.
Being asked for feedback is a sign of respect. Staying focused on the other person's needs is the way to respond in kind.
Be careful when you give advice--someone is liable to take it.
It's natural to think about feedback in the context of your company's performance management "systems" and the always-agonizing annual performance review. Check out John Ingham's Improving and Innovating Performance Management.