CARTER, LEDYARD & MILBURN
                       COUNSELLORS AT LAW
                          2 WALL STREET
                    NEW YORK, NEW YORK  10005


                       September 29, 1999



The Chase Manhattan Bank
as Trustee of
The First Trust Combined,
Series 272
4 New York Plaza, 6th Floor
New York, New York  10004-2413

Attention:     Mr. Paul J. Holland
               Vice President


     Re:          The First Trust Combined Series 272

Dear Sirs:

     We  are  acting as special counsel with respect to New  York
tax  matters for the unit investment trust or trusts included  in
The First Trust Combined Series 272 (each, a "Trust"), which will
be  established under a certain Standard Terms and Conditions  of
Trust dated October 16, 1991, and a related Trust Agreement dated
today's   date  (collectively,  the  "Indenture"),   among   Nike
Securities  L.P.,  as  Depositor  (the  "Depositor"),  Securities
Evaluation  Service,  Inc., as Evaluator,  First  Trust  Advisors
L.P.,  as Portfolio Supervisor, and The Chase Manhattan Bank,  as
Trustee (the "Trustee").  Pursuant to the terms of the Indenture,
units  of  fractional  undivided  interest  in  the  Trusts  (the
"Units") will be issued in the aggregate number set forth in  the
Indenture.

We  have  examined and are familiar with originals  or  certified
copies,  or  copies otherwise identified to our satisfaction,  of
such documents as we have deemed necessary or appropriate for the
purpose of this opinion.  In giving this opinion, we have  relied
upon  the  two  opinions, each dated today and addressed  to  the
Trustee,  of Chapman and Cutler, counsel for the Depositor,  with
respect to the matters of law set forth therein.

     Based  upon  the foregoing, we are of the opinion  that  the
Trust will not constitute an association taxable as a corporation
under  New York law, and accordingly will not be subject  to  the
New  York  State  franchise  tax or the  New  York  City  general
corporation tax.

     We  consent  to the filing of this opinion as an exhibit  to
the   Registration  Statement  (No.  333-22615)  filed  with  the
Securities   and   Exchange  Commission  with  respect   to   the
registration  of the sale of the Units and to the  references  to
our  name  in  such  Registration Statement and  the  preliminary
prospectus included therein.

                                    Very truly yours,



                                    CARTER, LEDYARD & MILBURN