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, 2005

                                       or

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

For the transition period from ________ to ________

                        Commission File Number: 001-32176

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

                                  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)

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

      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,           New York Stock Exchange ("NYSE")
Goldman Sachs Capital I
Securities-Backed Series 2004-7

Securities registered pursuant to Section 12(g) of the Act:  None

Indicate by check mark if the registrant is a well-known seasoned issuer, as
defined in Rule 405 of the Securities Act.
Yes [ ]           No  [x]

Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the


<PAGE>

Act.
Yes [ ]           No  [x]

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  [ ]

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]

Indicate by check mark whether the registrant is a shell company (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.


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<PAGE>



                                     PART I

Item 1.  Business.
         Not Applicable

Item 1A. Risk Factors.
         Not Applicable

Item 1B. Unresolved Staff Comments.
         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.

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<PAGE>

         Not Applicable

Item 12. Security Ownership of Certain Beneficial Owners and Management and
         Related Stock Matters.
         Not Applicable

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, 2005 through
                  and including December 31, 2005 have been filed with the
                  Securities and Exchange Commission and are hereby incorporated
                  by reference. Filing dates are listed below:

<TABLE>
<CAPTION>

                                                                              Distribution Date or
                             Trust Description                                   Date of Report         Filed on
------------------------------------------------------------                  --------------------     ----------
<S>                                                                                <C>                 <C>
Corporate Backed Trust Certificates, Goldman Sachs Capital I                       02/15/2005          02/28/2005
Securities-Backed Series 2004-7 Trust                                              08/15/2005          08/26/2005
</TABLE>


                  2. None.

                  3. Exhibits:

                     31.1 - Certification by Senior 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.

                     31.2 - 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.

                     31.3 - Report of Aston Bell, CPA.

         (b)      See Item 15(a) above.

         (c)      Not Applicable



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<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 27, 2006                      By:      /s/ CHARLES M. WEAVER
                                               --------------------------------
                                                 Name: Charles M. Weaver
                                                 Title: Senior Vice President


                                       5
<PAGE>



                                  EXHIBIT INDEX
<TABLE>
<CAPTION>

             Reference
            Number per
            Item 601 of                                                           Exhibit Number
           Regulation SK                 Description of Exhibits                 in this Form 10-K
           -------------                 -----------------------                 -----------------
            <S>           <C>                                                      <C>
              (31.1)      Certification by Senior 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.                                                 31.1

              (31.2)      Annual Compliance Report by Trustee pursuant to 15
                          U.S.C. Section 7241, as adopted pursuant to Section          31.2

                          302 of the Sarbanes-Oxley Act of 2002.
              (31.3)      Report of Aston Bell, CPA.                                   31.3

</TABLE>

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