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                      SECURITIES AND EXCHANGE COMMISSION

                            WASHINGTON, D.C. 20549

                                ---------------

                                   FORM 8-A

               FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES

                   PURSUANT TO SECTION 12(B) OR 12(G) OF THE

                        SECURITIES EXCHANGE ACT OF 1934

                              SELECT ASSET, INC.
                                 ON BEHALF OF
                 CORPORATE BACKED CALLABLE TRUST CERTIFICATES
               J.C. PENNEY DEBENTURE-BACKED SERIES 2007-1 TRUST

               FOR CORPORATE BACKED CALLABLE TRUST CERTIFICATES,
                     J.C. PENNEY DEBENTURE-BACKED SERIES
                     2007-1 TRUST, CLASS A-1 CERTIFICATES

                               Select Asset Inc.
            (Exact name of registrant as specified in its charter)

                   Delaware                                13-4029392
                   --------                                ----------
   (State of incorporation or organization)               (IRS Employer
                                                        Identification No.)

                              745 Seventh Avenue
                           New York, New York 10019

                   (Address of principal executive offices)

If this Form relates to the registration of a class of debt securities and is
effective upon filing pursuant to General Instruction A(c)(1) please check the
following box. [X]

If this Form relates to the registration of a class of debt securities and is
to become effective simultaneously with the effectiveness of a concurrent
registration statement under the Securities Act of 1933 pursuant to General
Instruction A(c)(2) please check the following box. [_]

Securities Act registration statement file number to which this form relates:
333-112795

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

Title Of Each Class To                      Name Of Each Exchange On Which
Be So Registered                            Each Class Is To Be Registered
- ----------------------                      -----------------------------------
Corporate Backed Callable Trust               New York Stock Exchange, Inc.
Certificates, J.C. Penney Debenture-Backed
Series 2007-1, Class A-1

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








      ITEM 1. DESCRIPTION OF REGISTRANT'S SECURITIES TO BE REGISTERED.


      The description of the Corporate Backed Callable Trust Certificates,
J.C. Penney Debenture-Backed Series 2007-1, Class A-1 Certificates, is
contained in the Prospectus, dated April 18, 2006, included in the
Registrant's Registration Statement on Form S-3 (No. 333-112795) under the
caption "Description of the Certificates," which is incorporated herein by
reference, and in the Prospectus Supplement, dated January 30, 2007, filed
with the Commission pursuant to Rule 424(b)(5) under the Securities Act of
1933, under the caption "Description of the Certificates," which Prospectus
Supplement, together with the Prospectus, shall be deemed to be incorporated
herein by reference.

      ITEM 2. EXHIBITS.

      The securities described herein are to be registered pursuant to Section
12(b) of the Securities Exchange Act of 1934 on an exchange on which other
securities of the Registrant are currently registered. In accordance with Part
II to the instructions regarding exhibits on Form 8-A, the following exhibits
shall be filed with each copy of the Registration Statement filed with such
exchange.

            1. The Base Trust Agreement, dated as of November 9, 2006 was
filed under cover of Form 8-K on November 15, 2006 and is incorporated herein
by reference.

            2. The Prospectus Supplement dated January 22, 2007 and Prospectus
dated April 18, 2006, filed by Registrant with the Securities and Exchange
Commission on April 18, 2006, and the supplement to the Prospectus Supplement,
dated January 22, 2007 filed on January 31, 2007 pursuant to Rule 424(b)(5)
under the Securities Act of 1933, as amended, and is incorporated herein by
reference.

            3. The Corporate Backed Callable Trust Certificates, J.C. Penney
Debenture-Backed Series 2007-1, Series Supplement, dated as of January 31,
2007, will be filed under cover of Form 8-K within 15 days of the Closing Date
of the Certificates and is incorporated herein by reference.






                                   SIGNATURE



      Pursuant to the requirements of Section 12 of the Securities Exchange
Act of 1934, the registrant has duly caused this registration statement to be
signed on its behalf by the undersigned, thereto duly authorized.

                               SELECT ASSET INC.
                               (Registrant)



                               By: /s/Charles M. Weaver
                                   --------------------
                               Name: Charles M. Weaver
                               Title: Senior Vice President


Date:  January 31, 2007



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