LEHMAN ABS CORP GOLDMAN SACHS CAP 1 SEC BCK SER 2004-7 CLASS A1
Item 1A. Risk Factors.          Not Applicable
Item 2.  Properties          Not Applicable
Item 4.  Submission of Matters to a Vote of Security Holders.          None                                       PART II
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 7.  Management's Discussion and Analysis of Financial Condition and          Results of Operation.          Not Applicable
Item 8. Financial Statements and Supplementary Data.         Not Applicable
Item 9A. Controls and Procedures.          Not Applicable
PART III
Item 11. Executive Compensation.                                         3            Not Applicable
Item 13. Certain Relationships and Related Transactions.          None
PART IV
(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:                                                                                   Distribution Date or                              Trust Description                                   Date of Report         Filed on - ------------------------------------------------------------                  --------------------     ----------    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                      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                                           4                                         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                                       EXHIBIT INDEX                 Reference             Number per             Item 601 of                                                           Exhibit Number            Regulation SK                 Description of Exhibits                 in this Form 10-K            -------------                 -----------------------                 -----------------                              (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                                           6    EX-31.1 2 efc6-0893_5818377ex311.txt                                                                         Exhibit 31.1                                   CERTIFICATION  I, Charles M. Weaver, certify that:           1.       I have reviewed this annual report on Form 10-K in respect of                   the Corporate Backed Trust Certificates, Goldman Sachs Capital                   I Securities-Backed Series 2004-7 Trust (the "Trust") and all                   reports on Form 8-K containing distribution or servicing                   reports of the Trust filed in respect of periods included in                   the year covered by this annual report of the Trust;           2.       Based on my knowledge, the information in these reports, taken                   as a whole, does not contain any untrue statement of a                   material fact or omit to state a material fact necessary to                   make the statements made, in light of the circumstances under                   which such statements were made, not misleading as of the last                   day of the period covered by this annual report;           3.       Based on my knowledge, the distribution or servicing                   information required to be provided to the Depositor by the                   Trustee under the pooling and servicing or similar agreement,                   for inclusion in these reports is included in these reports;           4.       I am responsible for reviewing the activities performed by the                   Depositor and the Trustee under the pooling and servicing or                   similar agreement and based upon my knowledge and the annual                   compliance review required under that agreement, and except as                   disclosed in the reports, the Depositor and Trustee have each                   fulfilled its obligations under that agreement; and           5.       This annual report discloses all significant deficiencies                   relating to the compliance by the Trustee and the Depositor                   with the minimum servicing or similar standards based upon the                   report provided by an independent public accountant, after                   conducting a review in compliance with the Uniform Single                   Attestation Program for Mortgage Bankers or similar procedure,                   as set forth in the pooling and servicing or similar agreement                   that is included in this annual report.  In giving the certifications above, I have reasonably relied on information provided to me by the following unaffiliated party: U.S. Bank Trust National Association, as Trustee.             Date: March 27, 2006           /s/ CHARLES M. WEAVER - ---------------------------------------- Charles M. Weaver, Senior Vice President    EX-31.2 3 efc6-0893_5818377ex312.txt                                                                         Exhibit 31.2                              ANNUAL COMPLIANCE REPORT  I, David J. Kolibachuk, being an officer of U.S. Bank Trust National Association, the Trustee in respect of the Corporate Backed Trust Certificates, Goldman Sachs Capital I Securities-Backed Series 2004-7 Trust (the "Trust"), certify that:           1.       I have reviewed this annual report on Form 10-K in respect of                   the Trust and all reports on Form 8-K containing distribution                   or servicing reports of the Trust filed by Lehman ABS                   Corporation in respect of periods included in the year covered                   by this annual report of the Trust;           2.       Based on my knowledge, the information in those reports, taken                   as a whole, does not contain any untrue statement of a                   material fact or omit to state a material fact necessary to                   make the statements made, in light of the circumstances under                   which such statements were made, not misleading as of the last                   day of the period covered by this annual report;           3.       Based on my knowledge, the distribution information required                   to be provided to the Depositor or the certificateholders by                   the Trustee under the pooling and servicing or similar                   agreement for inclusion in such distribution reports is                   included in such reports;           4.       I am responsible for reviewing the activities performed by the                   Trustee under the pooling and servicing or similar agreement                   and based on my knowledge, except as disclosed in such                   reports, the Trustee has fulfilled its obligations under that                   agreement; and           5.       This annual report discloses all significant deficiencies                   relating to the Trustee's compliance with the minimum                   servicing or similar standards based upon the report provided                   by an independent public accountant, after conducting a review                   in compliance with the Uniform Single Attestation Program for                   Mortgage Bankers or similar procedure, as set forth in the                   pooling and servicing or similar agreement, that is included                   in this report.  Date: March 27, 2006            /s/ DAVID J. KOLIBACHUK - ----------------------------------- David J. Kolibachuk, Vice President    EX-31.3 4 efc6-0893_5818377ex313.txt                                                                    Exhibit 31.3                           Independent Accountant's Report   Lehman ABS Corporation, as Depositor 745 Seventh Avenue New York, New York 10019  U.S. Bank Trust National Association, as Trustee Corporate Trust Department 100 Wall Street New York, NY 10005  Re:  Corporate Backed Trust Certificates, Goldman Sachs Capital I      Securities-Backed Series 2004-7 Trust (the "Trust")      ------------------------------------------------------------  Ladies and Gentlemen:  We have examined assertions of Lehman ABS Corporation (the "Depositor") and U.S. Bank National Association, (the "Trustee" and, together with the Depositor, the "Management") that the Depositor and the Trustee have complied, in all material respects, with the provisions of the Standard Terms for Trust Agreements dated as of January 16, 2001, as supplemented by a series supplement dated as of April 30, 2004 (together, the "Trust Agreement") in respect of the Corporate Backed Trust Certificates, Goldman Sachs Capital I Securities-Backed Series 2004-7 Trust (the "Trust"), during the period covered by the annual report on Form 10-K filed by the Depositor on behalf of the Trust for the year ended December 31, 2005 (the "Annual Report"). Management is responsible for compliance with the Trust Agreement. Our responsibility is to express an opinion on Management's assertions based on our examination.  Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Depositor's and the Trustee's compliance with the Trust Agreement and performing such other procedures as considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion.  In our opinion, the Depositor and the Trustee have complied, in all material respects, with the Trust Agreement during the period covered by the Annual Report and Management's assertions with respect to such compliance are fairly stated, in all material respects, for the year ended December 31, 2005.   /s/ Aston Bell, CPA   New York, New York March 17, 2006                                    ASTON BELL, CPA    -----END PRIVACY-ENHANCED MESSAGE-----