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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): March 2, 2009</B>

<P style="font-size: 24pt" align="center"><B>Corporate Asset Backed
Corporation, on behalf of<BR>
CABCO Trust for J.C. Penney
Debentures<BR>
</B><FONT style="font-size: 10pt">(Exact name of registrant as
specified in its charter) </FONT>
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  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
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  <TD width="32%">&nbsp;</TD>
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 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Delaware</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>033-91744-02</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>22-3281571</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

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  <TD width="49%">&nbsp;</TD>
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  <TD width="49%">&nbsp;</TD>
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  <TD style="border-bottom: #000000 1px solid"><B>445 Broad Hollow
Road<BR>
Suite 239<BR>
Melville, New York<BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>11747</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
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<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(631) 587-4700</B>
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  <TD style="border-bottom: #000000 1px solid" nowrap><B>&nbsp;</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P style="display: none; font-size: 10pt" align="center">1
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  <TD valign="top"><DIV style="margin-left: 0px; text-indent: 0px">Item&nbsp;8.01</DIV></TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left"><I>Other Events.</I></TD>
 </TR>

<TR><TD>&nbsp;</TD></TR>

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<DIV style="margin-left: 0px; text-indent: 0px">&nbsp;</DIV>
</TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left">This current report on Form&nbsp;8-K relates to
the semi-annual distribution reported to the holders of CABCO Trust for J.C.
Penney Debentures (the &#8220;Trust&#8221;) Trust Certificates (the
&#8220;Certificates&#8221;) relating to the J.C. Penney Company, Inc. 7 5/8 %
Debentures due March&nbsp;1, 2097 (the &#8220;JCP Debentures&#8221;), which was
made on March&nbsp;2, 2009.<BR>
<BR>
The Trust was created by the Amended and Restated
Trust Agreement, dated as of March&nbsp;25, 1999, between Corporate Asset
Backed Corporation, as the depositor (the &#8220;Depositor&#8221;), and The
Bank of New York, as trustee (the &#8220;Trustee&#8221;), providing for the
issuance of $52,650,000 aggregate certificate principal balance of
Certificates. The Certificates do not represent obligations of or interests in
the Depositor or the Trustee. The Certificates represent beneficial interests
in the Trust. The Trust&#8217;s assets consist primarily of $52,650,000
principal amount of the JCP Debentures. J.C. Penney Company, Inc. is subject to
the informational requirements of the Securities Exchange Act of 1934, and in
accordance with those requirements files periodic and current reports and other
information (including financial information) with the Securities and Exchange
Commission (&#8220;SEC&#8221;) (File No.&nbsp;001-00777). You may read and copy
any reports, statements and other information filed by J.C. Penney Company,
Inc. with the SEC (a)&nbsp;over the Internet at the SEC website at
http://www.sec.gov containing reports, proxy statements and other information
regarding registrants that file electronically with the SEC and (b)&nbsp;at the
SEC&#8217;s public reference room at 450 Fifth Street, N.W., Washington, D.C.
20549. You can also request copies of these documents upon payment of a copying
fee, by writing to the SEC&#8217;s public reference room at 450 Fifth Street,
N.W., Washington, D.C. 20549. Please call the SEC at (800)&nbsp;SEC-0330 for
further information on J.C. Penney Company, Inc. and please refer to these
periodic and current reports filed with the SEC.</TD>
 </TR>

<TR><TD>&nbsp;</TD></TR>

 <TR valign="bottom">
  <TD valign="top"><DIV style="margin-left: 0px; text-indent: 0px">Item&nbsp;9.01</DIV></TD>
  <TD>&nbsp;</TD>
  <TD valign="top" align="left"><I>Financial Statements and Exhibits.</I><BR><BR>
(c)&nbsp;Exhibits.<BR>
<BR>
99.1 Trustee&#8217;s Distribution Report with respect to the
March&nbsp;2, 2009 Distribution Date for the CABCO Trust for &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.C. Penney
Debentures.</TD>
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<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">2
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<P style="font-size: 10pt" align="center"><B>SIGNATURES</B>

<P style="font-size: 10pt; text-indent: 4%" align="justify">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.


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<TR valign="bottom">
  <TD align="left">&nbsp;</TD>
  <TD align="left" colspan="2">CORPORATE ASSET
BACKED CORPORATION, as Depositor of CABCO Trust for J.C. Penney Debentures</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">
  <TD align="left">&nbsp;</TD>
  <TD align="left">By: </TD>
  <TD align="left" style="border-bottom: 1px solid #000000">/s/ Robert D. Vascellaro</TD>
</TR>

<TR valign="bottom">
  <TD align="left">&nbsp;</TD>
  <TD align="left">&nbsp;</TD>
  <TD align="left">Name: Robert D. Vascellaro<BR>
Title: Vice President</TD>
</TR>
</TABLE>

<P style="font-size: 10pt" align="justify">Date: March&nbsp;3, 2009

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">3
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<P style="font-size: 10pt" align="center">EXHIBIT INDEX

<P style="font-size: 10pt" align="justify"><U>Exhibit</U>

<P style="font-size: 10pt; margin-left: 8%" align="justify">99.1
Trustee&#8217;s Distribution Report with respect to the March&nbsp;2, 2009
Distribution Date for the CABCO Trust for J.C. Penney Debentures.

<P style="font-size: 10pt" align="right">&nbsp;

<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">4
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{"company-data": {"conformed-name": "CABCO TRUST FOR J.C. PENNEY DEBENTURES", "cik": "0001269980", "assigned-sic": "6189", "irs-number": "223281571", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "033-91744-02", "film-number": "09659783"}, "business-address": {"street1": "1285 AVE OF THE AMERICAS - 11TH FLR", "street2": "C/O PAINEWEBBER INC", "city": "NEW YORK", "state": "NY", "zip": "10019", "phone": "2013520213"}, "mail-address": {"street1": "445 BROAD HOLLOW ROAD, SUITE 239", "city": "MELVILLE, NY", "state": "NY", "zip": "11747"}, "former-company": {"former-conformed-name": "CABCO TRUST FOR JC PENNEY DEBENTURES", "date-changed": "20031112"}}
8-K
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported): March 2, 2009
Corporate Asset Backed
Corporation, on behalf of
CABCO Trust for J.C. Penney
Debentures
(Exact name of registrant as
specified in its charter)
Delaware
033-91744-02
22-3281571
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
445 Broad Hollow
Road
Suite 239
Melville, New York
11747
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(631) 587-4700
(Former name or former address if changed since last report.)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 8.01
Other Events.
This current report on Form 8-K relates to
the semi-annual distribution reported to the holders of CABCO Trust for J.C.
Penney Debentures (the "Trust") Trust Certificates (the
"Certificates") relating to the J.C. Penney Company, Inc. 7 5/8 %
Debentures due March 1, 2097 (the "JCP Debentures"), which was
made on March 2, 2009.
The Trust was created by the Amended and Restated
Trust Agreement, dated as of March 25, 1999, between Corporate Asset
Backed Corporation, as the depositor (the "Depositor"), and The
Bank of New York, as trustee (the "Trustee"), providing for the
issuance of $52,650,000 aggregate certificate principal balance of
Certificates. The Certificates do not represent obligations of or interests in
the Depositor or the Trustee. The Certificates represent beneficial interests
in the Trust. The Trust's assets consist primarily of $52,650,000
principal amount of the JCP Debentures. J.C. Penney Company, Inc. is subject to
the informational requirements of the Securities Exchange Act of 1934, and in
accordance with those requirements files periodic and current reports and other
information (including financial information) with the Securities and Exchange
Commission ("SEC") (File No. 001-00777). You may read and copy
any reports, statements and other information filed by J.C. Penney Company,
Inc. with the SEC (a) over the Internet at the SEC website at
http://www.sec.gov containing reports, proxy statements and other information
regarding registrants that file electronically with the SEC and (b) at the
SEC's public reference room at 450 Fifth Street, N.W., Washington, D.C.
20549. You can also request copies of these documents upon payment of a copying
fee, by writing to the SEC's public reference room at 450 Fifth Street,
N.W., Washington, D.C. 20549. Please call the SEC at (800) SEC-0330 for
further information on J.C. Penney Company, Inc. and please refer to these
periodic and current reports filed with the SEC.
Item 9.01
Financial Statements and Exhibits.
(c) Exhibits.
99.1 Trustee's Distribution Report with respect to the
March 2, 2009 Distribution Date for the CABCO Trust for          J.C. Penney
Debentures.
SIGNATURES
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.
CORPORATE ASSET
BACKED CORPORATION, as Depositor of CABCO Trust for J.C. Penney Debentures
By:
/s/ Robert D. Vascellaro
Name: Robert D. Vascellaro
Title: Vice President
Date: March 3, 2009
EXHIBIT INDEX
Exhibit
99.1
Trustee's Distribution Report with respect to the March 2, 2009
Distribution Date for the CABCO Trust for J.C. Penney Debentures.