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A reaction between 1,3-dioxo-N-aryl-2,3-dihydro-1H-indene-2-carboxamides,dialkyl acetylenedicarboxylates,and triphenylphosphine or trimethylphosphite is described as a simple and effcient method for the synthesis of 5-hydroxy-4-aryl-2,5-dihydrofuran-2,3-dicarboxylate derivatives.