This is phenyliodine(III) bis(acetate), an oxidizing agent that plays a crucial role in the reaction. It can transfer an oxygen atom to the 1,3-dicarbonyl compound.
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2-Furanpropanoic acid, alpha,alpha-difluoro-beta-oxo-, ethyl ester (9CI)
2-(3,4-dimethylphenyl)-2-oxoethyl acetate
