Reaction of a 2:1 mixture of B(C6F5)(3) and tBu(3)P with syn-gas results in the stoichiometric reduction of CO to give a formyl derivative which reacts further via an epoxy-borate intermediate to capture CO, affording a heterocylic alkoxyborate. Heating the reaction prompts reaction with H-2 to give a borane-oxy-borate derivative, the product of C-O bond cleavage.