JBR Select Asset Inc

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: 333-112795-01

filed on behalf of:

Corporate Backed Callable Trust Certificates, J.C. Penney Debenture-Backed
Series 2006-1 Trust

by:

Commission File Number of Depositor: 333-112795

 Delaware 13-4029392
--------------------------------------------------------------------------------
 (State or Other Jurisdiction of (I.R.S. Employer Identification
 Incorporation No.)
 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

 Name of Each Exchange on Which
Title of Each Class Registered
------------------- ----------

Corporate Backed Callable Trust New York Stock Exchange ("NYSE")
Certificates, J.C. Penney Debenture-Backed
Series 2006-1, Class A-1

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 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.
Not applicable.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer. See the definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act (Check one):
Large Accelerated Filer [ ] Accelerated Filer [ ] Non- Accelerated Filer [X] Smaller Reporting Company [ ]

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

See Item 15(a).

Introductory Note

Select Asset Inc. (the "Depositor") is the Depositor in respect of the Corporate Backed Callable Trust Certificates, J.C. Penney Debenture-Backed Series 2006-1 Trust (the "Trust"), a common law trust formed pursuant to the Standard Terms for Trust Agreements, dated as of November 9, 2006, between the Depositor and U.S. Bank National Association, as trustee (the "Trustee"), as supplemented by a series supplement (the "Series Supplement") dated as of November 9, 2006 in respect of the Trust. The Trust's assets consist solely of notes issued by J.C. Penney Corporation, Inc., successor to J.C. Company, Inc. (the "Underlying Securities Issuer"). The Certificates do not represent obligations of or interests in the Depositor or the Trustee.

J.C. Penney Company, Inc., the guarantor of the underlying securities, is subject to the information reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). For information on J.C. Penney Company, Inc. please see its periodic and current reports filed with the Securities and Exchange Commission (the "Commission") under its Exchange Act file number, 001-15274. 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 that file 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 J.C. Penney Company, Inc. may be accessed on this site. You can request copies of these documents, upon payment of a duplicating fee, by writing to the SEC. The public may read and copy any materials filed with the Commission at the Commission's Public Reference Room at 100 F Street, NE, Washington, DC 20549. The public may obtain information on the operation of the Public Reference Room by calling the Commission at 1-800-SEC-0330. Neither Select Asset Inc. 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 Select Asset Inc. nor the Trustee has verified the accuracy or completeness of such documents or reports. There can be no assurance that events affecting the issuer of the Underlying Securities, the underlying securities guarantor 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.

Pursuant to General Instruction J of Form 10-K, the Trust is not required to respond to various items of Form 10-K. Such items are designated herein as "Not Applicable." Distribution reports detailing receipts and distributions by the Trust are filed after each distribution date on Form 10-D in lieu of reports on Form 10-Q.

 By: /s/ Scott Barek
 --------------------------------------------
 Name: Scott Barek
 Title: Senior Vice President
 (senior officer in charge of securitization of the
 depositor)



Dated: March 26, 2008

--------------------------------------------------------------------------------
 Reference
 Number per Exhibit
 Item 601 of Number in
 Regulation SK Description of Exhibits this Form 10-K
--------------------------------------------------------------------------------
 (4.1) Exhibit 4.1: Standard Terms for Trust 4.1
 Agreement (Filed as part of the Current
 Report on Form 8-K filed on November 15,
 2006 under the Commission file number of the
 Depositor).
--------------------------------------------------------------------------------
 Exhibit 4.2: Series Supplement (Filed as
 part of the Current Report on Form 8-K filed
 (4.2) on November 15, 2006 under the Commission 4.2
 file number of the Issuing Entity).
--------------------------------------------------------------------------------
 (31.1) Rule 15d - 14(d) Certification by Senior 31.1
 Vice President of the Registrant.
--------------------------------------------------------------------------------
 (33.1) Item 1122 Report on Assessment of Compliance 33.1
 with Applicable Servicing Criteria
--------------------------------------------------------------------------------
 (34.1) Attestation Report of Ernst & Young LLP 34.1
--------------------------------------------------------------------------------
 (35) Item 1123 Certification 35
--------------------------------------------------------------------------------

Select Asset (NYSE:JBR)
Gráfica de Acción Histórica
De Abr 2024 a May 2024

Select Asset (NYSE:JBR)
Gráfica de Acción Histórica
De May 2023 a May 2024