UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549
                                     ----

                                   FORM 10-K

                       FOR ANNUAL AND TRANSITION REPORTS
                    PURSUANT TO SECTIONS 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934



        (Mark One)

           /X/  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                EXCHANGE ACT OF 1934

           For the fiscal year ended December 31, 2004

                                      or

           / /  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURI-
                TIES EXCHANGE ACT OF 1934

           For the transition period from ________ to ________

                       Commission File Number: 001-32176

                            Lehman ABS Corporation,
                            -----------------------

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<CAPTION>
                                 on behalf of:

 Corporate Backed Trust Certificates, Goldman Sachs Capital I Securities-Backed Series 2004-7 Trust
---------------------------------------------------------------------------------------------------
            (Exact name of registrant as specified in its charter)

<S>                                                                      <C>
                            Delaware                                                  13-3447441
-----------------------------------------------------------------        -----------------------------------
 (State or other jurisdiction of incorporation or organization)         (I.R.S. Employer Identification No.)

                745 Seventh Avenue, New York, New York                                 10019
           -------------------------------------------------             -----------------------------------
               (Address of principal executive offices)                              (Zip Code)

Registrant's telephone number, including area code: (212) 526-7000

Securities registered pursuant to Section 12(b) of the Act:

Title of Class                                                                 Name of Registered Exchange
--------------                                                                 ---------------------------

Corporate Backed Trust Certificates, Goldman Sachs Capital I                 New York Stock Exchange ("NYSE")
Securities-Backed Series 2004-7
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Securities registered pursuant to Section 12(g) of the Act:  None

Indicate by check mark whether the registrant: (1) Has filed all reports
required to be filed by section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
file requirements for the past 90 days.
 Yes /X/ No / /




<PAGE>



Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to
this Form 10-K.  /X/

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act).
Yes  / /   No  /X/

State the aggregate market value of the voting and non-voting common equity
held by non-affiliates computed by reference to the price at which the common
equity was last sold, or the average bid and asked price of such common
equity, as of the last business day of the registrant's most recently
completed second fiscal quarter:

     The registrant has no voting stock or class of common stock that is held
by non-affiliates.



                      DOCUMENTS INCORPORATED BY REFERENCE

The distribution reports to security holders, filed on Form 8-K during the
fiscal year in lieu of reports on Form 10-Q, which include the reports filed
on Form 8-K listed in Item 15(a) hereto.

                               Introductory Note

Lehman ABS Corporation (the "Depositor") is the Depositor in respect of the
Corporate Backed Trust Certificates, Goldman Sachs Capital I Securities-Backed
Series 2004-7 Trust (the "Trust"), a common law trust formed pursuant to the
Standard Terms for Trust Agreements, dated as of January 16, 2001, between the
Depositor and U.S. Bank Trust National Association, as trustee (the
"Trustee"), as supplemented by a Series Supplement (the "Series Supplement"),
dated as of April 30, 2004, in respect of the Trust. The Trust's assets
consist solely of capital securities issued by Goldman Sachs Capital I (the
"Underlying Securities Issuer"). The Certificates do not represent obligations
of, or interests in, the Depositor or the Trustee.

The Goldman Sachs Group, Inc., the issuer of the junior subordinated
debentures, the sole assets held by the Underlying Securities Issuer, is
subject to the information reporting requirements of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"). For information on The Goldman
Sachs Group, Inc., please see its periodic and current reports filed with the
Securities and Exchange Commission (the "Commission") under The Goldman Sachs
Group, Inc.'s Exchange Act file number, 001-14965. The Commission maintains a
site on the World Wide Web at "http://www.sec.gov" at which users can view and
download copies of reports, proxy and information statements and other
information filed electronically through the Electronic Data Gathering,
Analysis and Retrieval system, or "EDGAR." Periodic and current reports and
other information required to be filed pursuant to the Exchange Act by the
issuer of the junior subordinated debentures may be accessed on this site.
Neither the Depositor nor the Trustee has participated in the preparation of
such reporting documents, or made any due diligence investigation with respect
to the information provided therein. Neither the Depositor nor the Trustee has
verified the accuracy or completeness of such documents or reports. There can
be no assurance that events affecting the Underlying Securities Issuer, the
issuer of the junior subordinated debentures or the underlying securities have
not occurred or have not yet been publicly disclosed which would affect the
accuracy or completeness of the publicly available documents described above.



<PAGE>



                                    PART I

Item 1.  Business.
-----------------
         Not Applicable

Item 2.  Properties.
-------------------
         Not Applicable

Item 3.  Legal Proceedings.
--------------------------
         None

Item 4.  Submission of Matters to a Vote of Security Holders.
-------------------------------------------------------------
         None

                                    PART II

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and
------------------------------------------------------------------------------
Issuer Purchases of Equity Securities.
--------------------------------------
     The publicly offered Certificates representing investors' interest in the
Trust are represented by one or more physical Certificates registered in the
name of "Cede & Co.", the nominee of The Depository Trust Company. Those
publicly offered Certificates are listed on the NYSE.

Item 6.  Selected Financial Data.
---------------------------------
         Not Applicable

Item 7. Management's Discussion and Analysis of Financial Condition and
-----------------------------------------------------------------------
Results of Operation.
---------------------
         Not Applicable

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
--------------------------------------------------------------------
         Not Applicable

Item 8. Financial Statements and Supplementary Data.
----------------------------------------------------
         Not Applicable

Item 9. Changes in and Disagreements With Accountants on Accounting and
-----------------------------------------------------------------------
Financial Disclosure.
---------------------
         None

Item 9A. Controls and Procedures.
---------------------------------
         Not Applicable

Item 9B. Other Information.
---------------------------
         None



                                   PART III

Item 10.  Directors and Executive Officers of the Registrant.
-------------------------------------------------------------
         Not Applicable

Item 11.  Executive Compensation.
---------------------------------
         Not Applicable

Item 12.  Security Ownership of Certain Beneficial Owners and Management.
-------------------------------------------------------------------------
         Not Applicable


<PAGE>



Item 13.  Certain Relationships and Related Transactions.
---------------------------------------------------------
         None

Item 14.  Principal Accounting Fees and Services.
-------------------------------------------------
         Not Applicable

                                    PART IV

Item 15.  Exhibits, Financial Statement Schedules.
--------------------------------------------------
         (a)      The following documents have been filed as part of this
                  report.

                  1. Trustee's Distribution Statements documented on Form 8-K
                  regarding the distributions from the Trust to the
                  certificateholders for the period from January 1, 2004
                  through and including December 31, 2004 have been filed with
                  the Securities and Exchange Commission and are hereby
                  incorporated by reference. Filing dates are listed below:


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----------------------------------------------------------------------------- ---------------------- ---------------
                                                                                 Distribution Date or
                             Trust Description                                   Date of Report         Filed on
----------------------------------------------------------------------------- ---------------------- ---------------

<S>                                                                                <C>                 <C>

Corporate Backed Trust Certificates, Goldman Sachs Capital I                       08/15/2004          08/27/2004
Securities-Backed Series 2004-7 Trust
----------------------------------------------------------------------------- ---------------------- ---------------

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                  2. None.

                  3. Exhibits:

                     99.1 - Certification by Vice President of the
                     Registrant pursuant to 15 U.S.C. Section 7241, as
                     adopted pursuant to Section 302 of the
                     Sarbanes-Oxley Act of 2002.

                     99.2 - Annual Compliance Report by Trustee pursuant
                     to 15 U.S.C. Section 7241, as adopted pursuant to
                     Section 302 of the Sarbanes-Oxley Act of 2002.

                     99.3 - Report of Aston Bell, CPA.

         (b)      See Item 15(a) above.

         (c)      Not Applicable



<PAGE>



                                   SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                           Lehman ABS Corporation, as Depositor for the
                           Trust (the "Registrant")



Dated:  March 30, 2005     By:      /s/ Charles M. Weaver
                              ---------------------------
                                    Name:   Charles M. Weaver
                                    Title:  Vice President


<PAGE>

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                                 EXHIBIT INDEX

         -------------------------------------------------------------------------------------------
             Reference                   Description of Exhibits                  Exhibit Number
            Number per                                                          in this Form 10-K
            Item 601 of
           Regulation SK
         -------------------------------------------------------------------------------------------

              <S>         <C>                                                          <C>

              (99.1)      Certification by Vice President of the Registrant            99.1
                          pursuant to 15 U.S.C. Section 7241, as adopted
                          pursuant to Section 302 of the Sarbanes-Oxley Act of
                          2002.
         -------------------------------------------------------------------------------------------
              (99.2)      Annual Compliance Report by Trustee pursuant to 15
                          U.S.C. Section 7241, as adopted pursuant to Section          99.2
                          302 of the Sarbanes-Oxley Act of 2002.
         -------------------------------------------------------------------------------------------
              (99.3)      Report of Aston Bell, CPA.                                   99.3
         -------------------------------------------------------------------------------------------



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