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

                                    FORM 10-K


(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, 2007

                                       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

                               filed 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)

                                       by:
                             Lehman ABS Corporation
--------------------------------------------------------------------------------
              (Exact Name of Depositor as Specified in Its Charter)

                  Delaware                                13-3447441
----------------------------------------    ------------------------------------
       (State or other jurisdiction of         (I.R.S. Employer Identification
       incorporation or organization)                        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 Each Class                            Name of Each Exchange on
-------------------                            ------------------------
                                                   Which Registered
                                                   ----------------
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

<PAGE>

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 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 such
filing 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 (ss. 229.405) 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 a large accelerated filer, an
accelerated filer, a non-accelerated filer, or a smaller reporting company. See
the definitions of "large accelerated filer,"  "accelerated filer" and "smaller
reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

<TABLE>
<CAPTION>

Large Accelerated Filer [ ]   Accelerated Filer [ ]   Non-Accelerated Filer [X]   Smaller Reporting Company [ ]
<S>                           <C>                     <C>                         <C>
</TABLE>

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 nonaffiliates 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
                                 nonaffiliates.


                       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 are incorporated by reference into part IV
of this Annual Report.

                                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
regarding issuers filed electronically through the Electronic Data

                                       2

<PAGE>

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.

                                       3

<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 9A(T).  Controls and Procedures.
         Not Applicable

Item 9B. Other Information.
         None

                                       4

<PAGE>


                                    PART III

Item 10.  Directors, Executive Officers and Corporate Governance.
          Not Applicable

Item 11.  Executive Compensation.
          Not Applicable

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

Item 13.  Certain Relationships and Related Transactions, and Director
Independence.
          None

Item 14.  Principal Accountant 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, 2007 through and including December 31, 2007
            have been filed with the Securities and Exchange Commission and are
            hereby incorporated by reference. Filing dates are listed below:

--------------------------------------------------------------------------------
                 Trust Description                     Distribution   Filed on
                                                           Date

Corporate Backed Trust Certificates, Goldman           02/15/2007     03/02/2007
Sachs Capital I Securities-Backed                      08/15/2007     08/28/2007
Series 2004-7 Trust
--------------------------------------------------------------------------------

            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

                                       5

<PAGE>

                                   SIGNATURES

      Pursuant to the requirements of Section 13 or 15(d) 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 26, 2008             By:    /s/ Scott Barek
                                          -------------------------------------
                                   Name:  Scott Barek
                                   Title: Senior Vice President

                                       6

<PAGE>

                                  EXHIBIT INDEX

--------------------------------------------------------------------------------
  Reference
  Number per                                                    Exhibit Number
 Item 601 of               Description of Exhibits               in this Form
Regulation SK                                                        10-K
--------------------------------------------------------------------------------
    (31.1)    Certification by Senior Vice President of the          31.1
              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         31.2
              Section 302 of the Sarbanes-Oxley Act of 2002.
--------------------------------------------------------------------------------
    (31.3)    Report of Aston Bell, CPA.                             31.3
--------------------------------------------------------------------------------

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