----

----

| For the quarterly period ended | September 30, 2010 |   |
|--------------------------------|--------------------|--------|

| For the transition period from |   | to |   |
|--------------------------------|--------|----|--------|

| Commission_File_Number_ | 000-50654 |   |
|-------------------------|-----------|--------|

| ICON Income Fund Ten, LLC                              |
|--------------------------------------------------------|
| (Exact name of registrant as specified in its charter) |

| Delaware                                                       | 35-2193184                           |
|----------------------------------------------------------------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

| 100 Fifth Avenue, 4th Floor, New York, New York | 10011      |
|-------------------------------------------------|------------|
| (Address of principal executive offices)        | (Zip code) |

| (212) 418-4700                                       |
|------------------------------------------------------|
| (Registrant's telephone number, including area code) |

----

| ICON Income Fund Ten, LLCTable of Contents                                                                  |
|-------------------------------------------------------------------------------------------------------------|
|                                                                                                        |   | Page |
|                                                                                                        |   |   |
| PART I - FINANCIAL INFORMATION                                                                              |   |
|                                                                                                        |   |   |
| Item 1.  Consolidated Financial Statements                                                        |   |
|                                                                                                        |   |   |
| Consolidated Balance Sheets                                                                                 | 1 |
|                                                                                                        |       |   |
| Consolidated Statements of Operations                                                                       | 2 |
|                                                                                                        |   |   |
| Consolidated Statements of Changes in Equity                                                                | 3 |
|                                                                                                        |   |   |
| Consolidated Statements of Cash Flows                                                                       | 4 |
|                                                                                                        |   |   |
| Notes to Consolidated Financial Statements                                                                  | 6 |
|                                                                                                        |   |   |
| Item 2.  Manager’s Discussion and Analysis of Financial Condition and Results of Operations | 15 |
|                                                                                                        |   |   |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk                                          | 23 |
|                                                                                                        |   |   |
| Item 4. Controls and Procedures                                                                             | 23 |
|                                                                                                        |   |   |
| PART II – OTHER INFORMATION                                                                           |   |
|                                                                                                        |   |   |
| Item 1. Legal Proceedings                                                                                   |   | 24 |
|                                                                                                        |   |   |
| Item 1A. Risk Factors                                                                                  |   | 24 |
|                                                                                                        |   |   |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds                                         | 24 |
|                                                                                                        |   |   |
| Item 3. Defaults Upon Senior Securities                                                                     | 24 |
|                                                                                                        |   |   |
| Item 4. (Removed and Reserved)                                                                              | 24 |
|                                                                                                        |   |   |
| Item 5. Other Information                                                                                   |   | 24 |
|                                                                                                        |   |   |
| Item 6. Exhibits                                                                                            |   | 25 |
|                                                                                                        |   |   |
| Signatures                                                                                                  |   | 26 |

----

Table of Contents

PART I – FINANCIAL INFORMATION

Item 1.  Consolidated Financial Statements

| ICON Income Fund Ten, LLC                                                      |   |
|--------------------------------------------------------------------------------|--------|
| (A Delaware Limited Liability Company)                                         |   |
| Consolidated Balance Sheets                                                    |   |
|                                                                           |   |
| Assets                                                                         |   |
|                                                                           |   |
|                                                                           |   | September 30, |   |   |   |   |
|                                                                           |   | 2010 |   |   | December 31, |   |
|                                                                           |   | (unaudited) |   |   | 2009 |   |
|  Current assets:                                                          |   |   |   |   |   |   |
|  Cash and cash equivalents                                                |   | $ | 3,765,201 |   |   | $ | 2,428,058 |   |
|  Current portion of net investment in finance leases                      |   |   | 1,228,119 |   |   |   | - |   |
|  Service contracts receivable                                             |   |   | 531,352 |   |   |   | 569,447 |   |
|  Equipment held for sale or lease, net                                    |   |   | 23,393 |   |   |   | 23,350 |   |
|  Other current assets                                                     |   |   | 811,634 |   |   |   | 1,015,170 |   |
|                                                                           |   |   |   |   |   |   |   |   |
|  Total current assets                                                     |   |   | 6,359,699 |   |   |   | 4,036,025 |   |
|                                                                           |   |   |   |   |   |   |   |   |
|  Non-current assets:                                                      |   |   |   |   |   |   |   |   |
|  Net investment in finance leases, less current portion                   |   |   | 34,816,795 |   |   |   | 31,808,689 |   |
|  Leased equipment at cost (less accumulated depreciation of               |   |   |   |   |   |   |   |   |
|       $11,756,921 and $11,201,367, respectively) |   |   | 3,045,987 |   |   |   | 11,134,806 |   |
|  Fixed assets (less accumulated depreciation of                           |   |   |   |   |   |   |   |   |
|       $3,303,301 and $2,107,900, respectively)   |   |   | 3,189,907 |   |   |   | 4,442,732 |   |
|  Investments in joint ventures                                            |   |   | 24,568,280 |   |   |   | 25,243,236 |   |
|  Investments in unguaranteed residual values                              |   |   | 204,466 |   |   |   | 290,331 |   |
|  Other non-current assets, net                                            |   |   | 104,325 |   |   |   | 77,797 |   |
|                                                                           |   |   |   |   |   |   |   |   |
|  Total non-current assets                                                 |   |   | 65,929,760 |   |   |   | 72,997,591 |   |
|                                                                           |   |   |   |   |   |   |   |   |
|  Total Assets                                                             |   | $ | 72,289,459 |   |   | $ | 77,033,616 |   |
|                                                                           |   |   |   |   |   |   |   |   |
| Liabilities and Equity                                                         |   |
|                                                                           |   |   |   |   |   |   |   |   |
|  Current liabilities:                                                     |   |   |   |   |   |   |   |   |
|  Revolving line of credit, recourse                                       |   | $ | - |   |   | $ | 100,000 |   |
|  Deferred revenue                                                         |   |   | - |   |   |   | 241,851 |   |
|  Due to Manager and affiliates                                            |   |   | 153,038 |   |   |   | 131,351 |   |
|  Accrued expenses and other current liabilities                           |   |   | 1,403,731 |   |   |   | 1,628,461 |   |
|                                                                           |   |   |   |   |   |   |   |   |
|  Total Liabilities                                                        |   |   | 1,556,769 |   |   |   | 2,101,663 |   |
|                                                                           |   |   |   |   |   |   |   |   |
|  Commitments and contingencies (Note 11)                                  |   |   |   |   |   |   |   |   |
|                                                                           |   |   |   |   |   |   |   |   |
|  Equity:                                                                  |   |   |   |   |   |   |   |   |
|  Members' Equity:                                                         |   |   |   |   |   |   |   |   |
|     Additional Members                                     |   |   | 72,247,154 |   |   |   | 75,332,248 |   |
|     Manager                                                |   |   | (582,662 | ) |   |   | (551,499 | ) |
|     Accumulated other comprehensive loss                   |   |   | (2,024,549 | ) |   |   | (1,879,919 | ) |
|                                                                           |   |   |   |   |   |   |   |   |
|  Total Members' Equity                                                    |   |   | 69,639,943 |   |   |   | 72,900,830 |   |
|                                                                           |   |   |   |   |   |   |   |   |
|  Noncontrolling Interests                                                 |   |   | 1,092,747 |   |   |   | 2,031,123 |   |
|                                                                           |   |   |   |   |   |   |   |   |
|  Total Equity                                                             |   |   | 70,732,690 |   |   |   | 74,931,953 |   |
|                                                                           |   |   |   |   |   |   |   |   |
|  Total Liabilities and Equity                                             |   | $ | 72,289,459 |   |   | $ | 77,033,616 |   |

----

Table of Contents

| ICON Income Fund Ten, LLC                                                         |   |
|-----------------------------------------------------------------------------------|--------|
| (A Delaware Limited Liability Company)                                            |   |
| Consolidated Statements of Operations                                             |   |
| (unaudited)                                                                       |   |
|                                                                              |   |
|                                                                              |   |
|                                                                              |   | Three Months Ended September 30, |   |   | Nine Months Ended September 30, |   |
|                                                                              |   | 2010 |   |   | 2009 |   |   | 2010 |   |   | 2009 |   |
|  Revenue:                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |
|  Rental income                                                               |   | $ | 1,263,224 |   |   | $ | 3,916,066 |   |   | $ | 4,798,482 |   |   | $ | 11,630,938 |   |
|  Finance income                                                              |   |   | 1,437,338 |   |   |   | - |   |   |   | 4,180,296 |   |   |   | - |   |
|  Servicing income                                                            |   |   | 1,252,101 |   |   |   | 1,483,037 |   |   |   | 4,050,192 |   |   |   | 4,049,257 |   |
|  Income from investments in joint ventures                                   |   |   | 733,028 |   |   |   | 924,856 |   |   |   | 2,142,084 |   |   |   | 3,037,586 |   |
|  Net gain on sales of equipment and unguaranteed residual values             |   |   | 942,208 |   |   |   | 1,267,808 |   |   |   | 1,101,178 |   |   |   | 1,342,663 |   |
|  Interest and other income                                                   |   |   | 97,034 |   |   |   | 52,751 |   |   |   | 187,240 |   |   |   | 67,329 |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Total revenue                                                               |   |   | 5,724,933 |   |   |   | 7,644,518 |   |   |   | 16,459,472 |   |   |   | 20,127,773 |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Expenses:                                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Management fees - Manager                                                   |   |   | 183,858 |   |   |   | 318,417 |   |   |   | 620,999 |   |   |   | 997,865 |   |
|  Administrative expense reimbursements - Manager                             |   |   | 150,481 |   |   |   | 192,321 |   |   |   | 629,001 |   |   |   | 904,095 |   |
|  General and administrative                                                  |   |   | 1,579,499 |   |   |   | 2,262,642 |   |   |   | 4,882,021 |   |   |   | 5,421,161 |   |
|  Interest                                                                    |   |   | 7,933 |   |   |   | - |   |   |   | 26,602 |   |   |   | 212,839 |   |
|  Loss on guaranty                                                            |   |   | 34,973 |   |   |   | - |   |   |   | 842,030 |   |   |   | - |   |
|  Depreciation and amortization                                               |   |   | 1,203,640 |   |   |   | 2,731,973 |   |   |   | 4,154,672 |   |   |   | 6,937,949 |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Total expenses                                                              |   |   | 3,160,384 |   |   |   | 5,505,353 |   |   |   | 11,155,325 |   |   |   | 14,473,909 |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Net income                                                                  |   |   | 2,564,549 |   |   |   | 2,139,165 |   |   |   | 5,304,147 |   |   |   | 5,653,864 |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Less: Net income attributable to noncontrolling interests                   |   |   | 83,953 |   |   |   | 83,147 |   |   |   | 257,877 |   |   |   | 240,629 |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Net income attributable to Fund Ten                                         |   | $ | 2,480,596 |   |   | $ | 2,056,018 |   |   | $ | 5,046,270 |   |   | $ | 5,413,235 |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Net income attributable to Fund Ten allocable to:                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Additional Members                                                          |   | $ | 2,455,790 |   |   | $ | 2,035,458 |   |   | $ | 4,995,808 |   |   | $ | 5,359,103 |   |
|  Manager                                                                     |   |   | 24,806 |   |   |   | 20,560 |   |   |   | 50,462 |   |   |   | 54,132 |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                              |   | $ | 2,480,596 |   |   | $ | 2,056,018 |   |   | $ | 5,046,270 |   |   | $ | 5,413,235 |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Weighted average number of additional                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  shares of limited liability company interests outstanding                   |   |   | 148,211 |   |   |   | 148,214 |   |   |   | 148,211 |   |   |   | 148,226 |   |
|                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  Net income attributable to Fund Ten per weighted                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  average additional share of limited liability company interests outstanding |   | $ | 16.57 |   |   | $ | 13.73 |   |   | $ | 33.71 |   |   | $ | 36.15 |   |

----

Table of Contents

| ICON Income Fund Ten, LLC                                                                          |   |
|----------------------------------------------------------------------------------------------------|--------|
| (A Delaware Limited Liability Company)                                                             |   |
| Consolidated Statements of Changes in Equity                                                       |   |
|                                                                                               |   |
|                                                                                               |   |
|                                                                                               |   | Members' Equity |   |   |   |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                               |   | Additional Shares |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                               |   | of Limited Liability |   |   |   |   |   |   |   |   | AccumulatedOther |   |   | Total |   |   |   |   |   |   |   |
|                                                                                               |   | Company Interests |   |   | AdditionalMembers |   |   | Manager |   |   | ComprehensiveLoss |   |   | Members'Equity |   |   | NoncontrollingInterests |   |   | TotalEquity |   |
| Balance, December 31, 2009                                                                         |   |   | 148,211 |   |   | $ | 75,332,248 |   |   | $ | (551,499 | ) |   | $ | (1,879,919 | ) |   | $ | 72,900,830 |   |   | $ | 2,031,123 |   |   | $ | 74,931,953 |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive income:                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Net income                                                           |   |   | - |   |   |   | 2,186,739 |   |   |   | 22,088 |   |   |   | - |   |   |   | 2,208,827 |   |   |   | 103,181 |   |   |   | 2,312,008 |   |
|      Change in valuation of interest                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     rate swap contracts                                                        |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (36,766 | ) |   |   | (36,766 | ) |   |   | - |   |   |   | (36,766 | ) |
|      Currency translation adjustments                                     |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (281,114 | ) |   |   | (281,114 | ) |   |   | - |   |   |   | (281,114 | ) |
|             Total comprehensive income |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (317,880 | ) |   |   | 1,890,947 |   |   |   | 103,181 |   |   |   | 1,994,128 |   |
| Cash distributions                                                                                 |   |   | - |   |   |   | (3,186,544 | ) |   |   | (32,187 | ) |   |   | - |   |   |   | (3,218,731 | ) |   |   | (418,868 | ) |   |   | (3,637,599 | ) |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, March 31, 2010 (unaudited)                                                                |   |   | 148,211 |   |   |   | 74,332,443 |   |   |   | (561,598 | ) |   |   | (2,197,799 | ) |   |   | 71,573,046 |   |   |   | 1,715,436 |   |   |   | 73,288,482 |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive income:                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Net income                                                           |   |   | - |   |   |   | 353,279 |   |   |   | 3,568 |   |   |   | - |   |   |   | 356,847 |   |   |   | 70,743 |   |   |   | 427,590 |   |
|      Change in valuation of interest                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     rate swap contracts                                                        |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (21,683 | ) |   |   | (21,683 | ) |   |   | - |   |   |   | (21,683 | ) |
|      Currency translation adjustments                                     |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (2,662 | ) |   |   | (2,662 | ) |   |   | - |   |   |   | (2,662 | ) |
|             Total comprehensive income |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (24,345 | ) |   |   | 332,502 |   |   |   | 70,743 |   |   |   | 403,245 |   |
| Cash distributions                                                                                 |   |   | - |   |   |   | (2,824,363 | ) |   |   | (28,529 | ) |   |   | - |   |   |   | (2,852,892 | ) |   |   | (369,164 | ) |   |   | (3,222,056 | ) |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, June 30, 2010 (unaudited)                                                                 |   |   | 148,211 |   |   |   | 71,861,359 |   |   |   | (586,559 | ) |   |   | (2,222,144 | ) |   |   | 69,052,656 |   |   |   | 1,417,015 |   |   |   | 70,469,671 |   |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Comprehensive income:                                                                              |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|      Net income                                                           |   |   | - |   |   |   | 2,455,790 |   |   |   | 24,806 |   |   |   | - |   |   |   | 2,480,596 |   |   |   | 83,953 |   |   |   | 2,564,549 |   |
|      Change in valuation of interest                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     rate swap contracts                                                        |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (23,943 | ) |   |   | (23,943 | ) |   |   | - |   |   |   | (23,943 | ) |
|      Currency translation adjustments                                     |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 221,538 |   |   |   | 221,538 |   |   |   | - |   |   |   | 221,538 |   |
|             Total comprehensive income |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 197,595 |   |   |   | 2,678,191 |   |   |   | 83,953 |   |   |   | 2,762,144 |   |
| Cash distributions                                                                                 |   |   | - |   |   |   | (2,069,995 | ) |   |   | (20,909 | ) |   |   | - |   |   |   | (2,090,904 | ) |   |   | (408,221 | ) |   |   | (2,499,125 | ) |
|                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Balance, September 30, 2010 (unaudited)                                                            |   |   | 148,211 |   |   | $ | 72,247,154 |   |   | $ | (582,662 | ) |   | $ | (2,024,549 | ) |   | $ | 69,639,943 |   |   | $ | 1,092,747 |   |   | $ | 70,732,690 |   |

----

Table of Contents

| ICON Income Fund Ten, LLC                                                            |   |
|--------------------------------------------------------------------------------------|--------|
| (A Delaware Limited Liability Company)                                               |   |
| Consolidated Statements of Cash Flows                                                |   |
| (unaudited)                                                                          |   |
|                                                                                 |   |
|                                                                                 |   |
|                                                                                 |   | Nine Months Ended September 30, |   |
|                                                                                 |   | 2010 |   |   | 2009 |   |
|  Cash flows from operating activities:                                          |   |   |   |   |   |   |
|  Net income                                                                     |   | $ | 5,304,147 |   |   | $ | 5,653,864 |   |
|  Adjustments to reconcile net income to net cash                                |   |   |   |   |   |   |   |   |
|   provided by operating activities:                                        |   |   |   |   |   |   |   |   |
|  Rental income paid directly to lenders by lessees                              |   |   | - |   |   |   | (4,386,104 | ) |
|  Finance income                                                                 |   |   | (4,180,296 | ) |   |   | - |   |
|  Income from investments in joint ventures                                      |   |   | (2,142,084 | ) |   |   | (3,037,586 | ) |
|  Net gain on sales of equipment and unguaranteed residual values                |   |   | (1,101,178 | ) |   |   | (1,342,663 | ) |
|  Depreciation and amortization                                                  |   |   | 4,154,672 |   |   |   | 6,937,949 |   |
|  Interest expense on non-recourse financing paid directly to lenders by lessees |   |   |  - |   |   |   |  196,304 |   |
|  Loss on financial instruments                                                  |   |   | 6,410 |   |   |   | - |   |
|  Changes in operating assets and liabilities:                                   |   |   |   |   |   |   |   |   |
|  Collection of finance leases                                                   |   |   | 2,384,206 |   |   |   | 695,943 |   |
|  Restricted cash                                                                |   |   | - |   |   |   | 226,882 |   |
|  Service contracts receivable                                                   |   |   | 27,575 |   |   |   | (528,985 | ) |
|  Other assets, net                                                              |   |   | 193,362 |   |   |   | (497,263 | ) |
|  Deferred revenue                                                               |   |   | (241,851 | ) |   |   | (42,233 | ) |
|  Due to/from Manager and affiliates, net                                        |   |   | 22,144 |   |   |   | (152,190 | ) |
|  Accrued expenses and other current liabilities                                 |   |   | (211,003 | ) |   |   | 2,129,001 |   |
|  Distributions from joint ventures                                              |   |   | 406,369 |   |   |   | 1,520,592 |   |
|                                                                                 |   |   |   |   |   |   |   |   |
|  Net cash provided by operating activities                                      |   |   | 4,622,473 |   |   |   | 7,373,511 |   |
|                                                                                 |   |   |   |   |   |   |   |   |
|  Cash flows from investing activities:                                          |   |   |   |   |   |   |   |   |
|  Proceeds from sales of equipment and unguaranteed residual values              |   |   | 3,851,949 |   |   |   | 2,123,339 |   |
|  Purchase of equipment                                                          |   |   | (3,236 | ) |   |   | (1,091,691 | ) |
|  Distributions received from joint ventures in excess of profits                |   |   | 2,328,278 |   |   |   | 3,394,319 |   |
|                                                                                 |   |   |   |   |   |   |   |   |
|  Net cash provided by investing activities                                      |   |   | 6,176,991 |   |   |   | 4,425,967 |   |
|                                                                                 |   |   |   |   |   |   |   |   |
|  Cash flows from financing activities:                                          |   |   |   |   |   |   |   |   |
|  Proceeds from revolving line of credit, recourse                               |   |   | 1,350,000 |   |   |   | 2,185,000 |   |
|  Repayments of revolving line of credit, recourse                               |   |   | (1,450,000 | ) |   |   | (2,185,000 | ) |
|  Repayments of non-recourse long-term debt                                      |   |   | - |   |   |   | (2,817,772 | ) |
|  Cash distributions to members                                                  |   |   | (8,162,527 | ) |   |   | (9,657,211 | ) |
|  Distributions to noncontrolling interests                                      |   |   | (1,196,253 | ) |   |   | (806,529 | ) |
|  Shares of limited liability company interests redeemed                         |   |   | - |   |   |   | (14,798 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |
|  Net cash used in financing activities                                          |   |   | (9,458,780 | ) |   |   | (13,296,310 | ) |
|                                                                                 |   |   |   |   |   |   |   |   |
|  Effects of exchange rates on cash and cash equivalents                         |   |   | (3,541 | ) |   |   | 75,383 |   |
|                                                                                 |   |   |   |   |   |   |   |   |
|  Net increase (decrease) in cash and cash equivalents                 |   |   | 1,337,143 |   |   |   | (1,421,449 | ) |
|  Cash and cash equivalents, beginning of the period                             |   |   | 2,428,058 |   |   |   | 3,784,794 |   |
|                                                                                 |   |   |   |   |   |   |   |   |
|  Cash and cash equivalents, end of the period                                   |   | $ | 3,765,201 |   |   | $ | 2,363,345 |   |

----

Table of Contents

| ICON Income Fund Ten, LLC                                                                 |   |
|-------------------------------------------------------------------------------------------|--------|
| (A Delaware Limited Liability Company)                                                    |   |
| Consolidated Statements of Cash Flows                                                     |   |
| (unaudited)                                                                               |   |
|                                                                                      |   |
|                                                                                      |   | Nine Months Ended September 30, |   |
|                                                                                      |   | 2010 |   |   | 2009 |   |
|  Supplemental disclosure of non-cash investing and financing activities:             |   |   |   |   |   |   |
| Principal and interest paid on non-recourse long-term debt directly to lenders by lessees |   | $ | - |   |   | $ | 4,386,104 |   |
|  Transfer from net investment in finance leases to fixed assets                      |   | $ | - |   |   | $ | 6,829,746 |   |
|  Transfer from leased equipment at cost to net investment in finance leases          |   | $ | 2,440,135 |   |   | $ | - |   |
| Transfer from investments in unguaranteed residual values to leased equipment at cost     |   | $ | - |   |   | $ | 52,722 |   |

----

Table of Contents

ICON Income Fund Ten, LLC

| (1) | Organization |
|-----|--------------|

| (2) | Basis of Presentation and Consolidation |
|-----|-----------------------------------------|

----

Table of Contents

| (2) | Basis of Presentation and Consolidation - continued |
|-----|-----------------------------------------------------|

| (3) | Net Investment in Finance Leases |
|-----|----------------------------------|

|                                                            |   | September 30, |        |   | December 31, |   |
|-----------------------------------------------------------------|--------|---------------|-------------|--------|--------------|--------|
|                                                            |   | 2010          |        |   | 2009         |   |
|  Minimum rents receivable, net                             |   | $             | 55,907,186  |   |         | $      | 55,821,635 |   |
|  Estimated residual values                                 |   |          | 7,300,000   |   |         |   | 7,300,000 |   |
|  Unearned income                                           |   |          | (27,162,272 | )      |         |   | (31,312,946 | ) |
|  Net investment in finance leases                          |   |          | 36,044,914  |   |         |   | 31,808,689 |   |
|                                                            |   |          |        |   |         |   |   |   |
|  Less: Current portion of net investment in finance leases |   |          | 1,228,119   |   |         |   | - |   |
|                                                            |   |          |        |   |         |   |   |   |
|  Net investment in finance leases, less current portion    |   | $             | 34,816,795  |   |         | $      | 31,808,689 |   |

----

Table of Contents

| (4) | Leased Equipment at Cost |
|-----|--------------------------|

|                                   |   | September 30, |       |   | December 31, |   |
|----------------------------------------|--------|---------------|------------|--------|--------------|--------|
|                                   |   | 2010          |       |   | 2009         |   |
|  Telecommunications equipment     |   | $             | 13,884,669 |   |         | $      | 17,319,286 |   |
|  Manufacturing equipment          |   |          | 894,048    |   |         |   | 4,992,696 |   |
|  Information technology equipment |   |          | 24,191     |   |         |   | 24,191 |   |
|                                   |   |          | 14,802,908 |   |         |   | 22,336,173 |   |
|                                   |   |          |       |   |         |   |   |   |
|  Less: Accumulated depreciation   |   |          | 11,756,921 |   |         |   | 11,201,367 |   |
|                                   |   |          |       |   |         |   |   |   |
|                                   |   | $             | 3,045,987  |   |         | $      | 11,134,806 |   |

----

Table of Contents

| (5) | Investments in Joint Ventures |
|-----|-------------------------------|

|                            |   | Three Months Ended September 30, |      |   | Nine Months Ended September 30, |   |
|---------------------------------|--------|----------------------------------|-----------|--------|---------------------------------|--------|
|                            |   | 2010                             |      |   | 2009                            |   |   | 2010 |   |   | 2009 |   |
|  Revenue                   |   | $                                | 1,549,555 |   |                            | $      | 1,551,702 |   |   | $ | 4,656,550 |   |   | $ | 4,655,106 |   |
|  Net income                |   | $                                | 709,707   |   |                            | $      | 618,919 |   |   | $ | 1,965,081 |   |   | $ | 1,776,326 |   |
|  LLC's share of net income |   | $                                | 366,583   |   |                            | $      | 322,130 |   |   | $ | 1,019,368 |   |   | $ | 926,777 |   |

| (6) | Revolving Line of Credit, Recourse |
|-----|------------------------------------|

----

Table of Contents

| (7) | Transactions with Related Parties |
|-----|-----------------------------------|

|                                                        |   | Three Months Ended September 30, |    |                                            | Nine Months Ended September 30, |   |
|-------------------------------------------------------------|--------|----------------------------------|---------|-------------------------------------------------|---------------------------------|--------|
|  Entity                                                |   |  Capacity                   |    |  Description                               |                            | 2010   |   |   | 2009 |   |   | 2010 |   |   | 2009 |   |
|  ICON Capital Corp.                                    |   |  Manager                    |    |  Management fees (1)                       |                            | $      | 183,858 |   |   | $ | 318,417 |   |   | $ | 620,999 |   |   | $ | 997,865 |   |
|  ICON Capital Corp.                                    |   |  Manager                    |    |  Administrative expense reimbursements (1) |                            |   | 150,481 |   |   |   | 192,321 |   |   |   | 629,001 |   |   |   | 904,095 |   |
|                                                        |   | $                                | 334,339 |                                            |                            | $      | 510,738 |   |   | $ | 1,250,000 |   |   | $ | 1,901,960 |   |
|                                                        |   |                             |    |                                            |                            |   |   |   |   |   |   |   |   |   |   |   |
|  (1)  Amount charged directly to operations. |   |                             |    |                                            |                            |   |   |   |   |   |   |   |   |   |   |   |

| (8) | Derivative Financial Instruments |
|-----|----------------------------------|

----

Table of Contents

| (8) | Derivative Financial Instruments - continued |
|-----|----------------------------------------------|

----

Table of Contents

| (8) | Derivative Financial Instruments - continued |
|-----|----------------------------------------------|

|   |   | Asset Derivatives |
|--------|--------|-------------------|
|   |   | September 30,     |   | December 31, |
|   |   | 2010              |   | 2009 |

|                                                     | Balance Sheet Location   |   | Fair Value |   |   | Fair Value |   |
|----------------------------------------------------------|--------------------------|--------|------------|--------|--------|------------|--------|
|  Derivatives not designated as hedging instruments: |                     |   |       |   |   |       |   |
|                                                     |                     |   |       |   |   |       |   |
|  Warrants                                           | Other non-current assets |   | $          | 72,961 |   |       | $      | 79,371 |   |

----

Table of Contents

| (9) | Accumulated Other Comprehensive Loss |
|-----|--------------------------------------|

| (10) | Fair Value Measurements |
|------|-------------------------|

| ·   | Level 1:  Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Level 2:  Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Level 3:  Pricing inputs that are generally unobservable and cannot be corroborated by market data. |
|--------------------|---------------------------------------------------------------------------------------------------------------|

|         |   | Level 1 |   |   | Level 2 |   |   | Level 3 |   |   | Total  |   |
|--------------|--------|---------|--------|--------|---------|--------|--------|---------|--------|--------|--------|--------|
| Assets:      |   |    |   |   |    |   |   |    |   |   |   |   |
|         |   |    |   |   |    |   |   |    |   |   |   |   |
| Warrants     |   | $       | -      |   |    | $      | 72,961 |    |   | $      | -      |   |   | $ | 72,961 |   |
|         |   |    |   |   |    |   |   |    |   |   |   |   |   |   |   |   |
|         |   |    |   |   |    |   |   |    |   |   |   |   |   |   |   |   |
| Liabilities: |   | $       | -      |   |    | $      | -      |    |   | $      | -      |   |   | $ | - |   |

----

Table of Contents

| (10) | Fair Value Measurements - continued |
|------|-------------------------------------|

| (11) | Commitments and Contingencies |
|------|-------------------------------|

----

Table of Contents

Item 2. Manager’s Discussion and Analysis of Financial Condition and Results of Operations

----

Table of Contents

----

Table of Contents

|                                                                  |   | Three Months Ended September 30, |      |   |   |   |
|-----------------------------------------------------------------------|--------|----------------------------------|-----------|--------|--------|--------|
|                                                                  |   | 2010                             |      |   | 2009   |   |   | Change |   |
|  Rental income                                                   |   | $                                | 1,263,224 |   |   | $      | 3,916,066 |   |   | $ | (2,652,842 | ) |
|  Finance income                                                  |   |                             | 1,437,338 |   |   |   | - |   |   |   | 1,437,338 |   |
|  Servicing income                                                |   |                             | 1,252,101 |   |   |   | 1,483,037 |   |   |   | (230,936 | ) |
|  Income from investments in joint ventures                       |   |                             | 733,028   |   |   |   | 924,856 |   |   |   | (191,828 | ) |
|  Net gain on sales of equipment and unguaranteed residual values |   |                             | 942,208   |   |   |   | 1,267,808 |   |   |   | (325,600 | ) |
|  Interest and other income                                       |   |                             | 97,034    |   |   |   | 52,751 |   |   |   | 44,283 |   |
|                                                                  |   |                             |      |   |   |   |   |   |   |   |   |   |
|  Total revenue                                                   |   | $                                | 5,724,933 |   |   | $      | 7,644,518 |   |   | $ | (1,919,585 | ) |

----

Table of Contents

|                                                  |   | Three Months Ended September 30, |      |   |   |   |
|-------------------------------------------------------|--------|----------------------------------|-----------|--------|--------|--------|
|                                                  |   | 2010                             |      |   | 2009   |   |   | Change |   |
|  Management fees - Manager                       |   | $                                | 183,858   |   |   | $      | 318,417 |   |   | $ | (134,559 | ) |
|  Administrative expense reimbursements - Manager |   |                             | 150,481   |   |   |   | 192,321 |   |   |   | (41,840 | ) |
|  General and administrative                      |   |                             | 1,579,499 |   |   |   | 2,262,642 |   |   |   | (683,143 | ) |
|  Interest                                        |   |                             | 7,933     |   |   |   | - |   |   |   | 7,933 |   |
|  Loss on guaranty                                |   |                             | 34,973    |   |   |   | - |   |   |   | 34,973 |   |
|  Depreciation and amortization                   |   |                             | 1,203,640 |   |   |   | 2,731,973 |   |   |   | (1,528,333 | ) |
|                                                  |   |                             |      |   |   |   |   |   |   |   |   |   |
|  Total expenses                                  |   | $                                | 3,160,384 |   |   | $      | 5,505,353 |   |   | $ | (2,344,969 | ) |

|                                                                  |   | Nine Months Ended September 30, |       |   |   |   |
|-----------------------------------------------------------------------|--------|---------------------------------|------------|--------|--------|--------|
|                                                                  |   | 2010                            |       |   | 2009   |   |   | Change |   |
|  Rental income                                                   |   | $                               | 4,798,482  |   |   | $      | 11,630,938 |   |   | $ | (6,832,456 | ) |
|  Finance income                                                  |   |                            | 4,180,296  |   |   |   | - |   |   |   | 4,180,296 |   |
|  Servicing income                                                |   |                            | 4,050,192  |   |   |   | 4,049,257 |   |   |   | 935 |   |
|  Income from investments in joint ventures                       |   |                            | 2,142,084  |   |   |   | 3,037,586 |   |   |   | (895,502 | ) |
|  Net gain on sales of equipment and unguaranteed residual values |   |                            | 1,101,178  |   |   |   | 1,342,663 |   |   |   | (241,485 | ) |
|  Interest and other income                                       |   |                            | 187,240    |   |   |   | 67,329 |   |   |   | 119,911 |   |
|                                                                  |   |                            |       |   |   |   |   |   |   |   |   |   |
|  Total revenue                                                   |   | $                               | 16,459,472 |   |   | $      | 20,127,773 |   |   | $ | (3,668,301 | ) |

----

Table of Contents

|                                                  |   | Nine Months Ended September 30, |       |   |   |   |
|-------------------------------------------------------|--------|---------------------------------|------------|--------|--------|--------|
|                                                  |   | 2010                            |       |   | 2009   |   |   | Change |   |
|  Management fees - Manager                       |   | $                               | 620,999    |   |   | $      | 997,865 |   |   | $ | (376,866 | ) |
|  Administrative expense reimbursements - Manager |   |                            | 629,001    |   |   |   | 904,095 |   |   |   | (275,094 | ) |
|  General and administrative                      |   |                            | 4,882,021  |   |   |   | 5,421,161 |   |   |   | (539,140 | ) |
|  Interest                                        |   |                            | 26,602     |   |   |   | 212,839 |   |   |   | (186,237 | ) |
|  Loss on guaranty                                |   |                            | 842,030    |   |   |   | - |   |   |   | 842,030 |   |
|  Depreciation and amortization                   |   |                            | 4,154,672  |   |   |   | 6,937,949 |   |   |   | (2,783,277 | ) |
|                                                  |   |                            |       |   |   |   |   |   |   |   |   |   |
|  Total expenses                                  |   | $                               | 11,155,325 |   |   | $      | 14,473,909 |   |   | $ | (3,318,584 | ) |

----

Table of Contents

----

Table of Contents

|                                                   |   | Nine Months Ended September 30, |       |
|--------------------------------------------------------|--------|---------------------------------|------------|
|                                                   |   | 2010                            |       |   | 2009 |   |
| Net cash provided by (used in):                        |   |                            |       |   |   |   |
|                                                   |   |                            |       |   |   |   |
| Operating activities                                   |   | $                               | 4,622,473  |   |   | $ | 7,373,511 |   |
| Investing activities                                   |   |                            | 6,176,991  |   |   |   | 4,425,967 |   |
| Financing activities                                   |   |                            | (9,458,780 | ) |   |   | (13,296,310 | ) |
| Effects of exchange rates on cash and cash equivalents |   |                            | (3,541     | ) |   |   | 75,383 |   |
|                                                   |   |                            |       |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents   |   | $                               | 1,337,143  |   |   | $ | (1,421,449 | ) |

----

Table of Contents

----

Table of Contents

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Item 4. Controls and Procedures

----

Table of Contents

PART II - OTHER INFORMATION

Item 1.  Legal Proceedings

Item 1A. Risk Factors

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

Item 3.  Defaults Upon Senior Securities

Item 4.  (Removed and Reserved)

Item 5.  Other Information

----

Table of Contents

Item 6. Exhibits

| 3.1    | Certificate of Formation of Registrant (Incorporated by reference to Exhibit 3.1 to Registrant’s Registration Statement on Form S-1 filed with the SEC on February 28, 2003 (File No. 333-103503)).                                                                                                                                                                                                                                                                                    |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 4.1    | Amended and Restated Operating Agreement of Registrant (Incorporated by reference to Exhibit 4.1 to Pre-Effective Amendment No. 3 to Registrant’s Registration Statement on Form S-1 filed with the SEC on June 2, 2003 (File No. 333-103503)).                                                                                                                                                                                                                                        |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.1   | Commercial Loan Agreement, dated as of August 31, 2005, by and among California Bank & Trust and ICON Income Fund Eight B L.P., ICON Income Fund Nine, LLC, ICON Income Fund Ten, LLC and ICON Leasing Fund Eleven, LLC (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K dated August 31, 2005).                                                                                                                                              |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.2   | Loan Modification Agreement, dated as of December 26, 2006, between California Bank & Trust and ICON Income Fund Eight B L.P., ICON Income Fund Nine, LLC, ICON Income Fund Ten, LLC and ICON Leasing Fund Eleven, LLC (Incorporated by reference to Exhibit 10.1 to Registrant’s Current Report on Form 8-K dated December 26, 2006).                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.3   | Loan Modification Agreement, dated as of June 20, 2007, between California Bank & Trust, ICON Income Fund Eight B L.P., ICON Income Fund Nine, LLC, ICON Income Fund Ten, LLC, ICON Leasing Fund Eleven, LLC and ICON Leasing Fund Twelve, LLC (Incorporated by reference to Exhibit 10.3 to Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2009, filed November 12, 2009).                                                                    |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.4   | Third Loan Modification Agreement, dated as of May 1, 2008, between California Bank & Trust, ICON Income Fund Eight B L.P., ICON Income Fund Nine, LLC, ICON Income Fund Ten, LLC, ICON Leasing Fund Eleven, LLC and ICON Leasing Fund Twelve, LLC (Incorporated by reference to Exhibit 10.4 to Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2008, filed May 19, 2008).                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.5   | Fourth Loan Modification Agreement, dated as of August 12, 2009, between California Bank & Trust, ICON Income Fund Eight B L.P., ICON Income Fund Nine, LLC, ICON Income Fund Ten, LLC, ICON Leasing Fund Eleven, LLC, ICON Leasing Fund Twelve, LLC and ICON Equipment and Corporate Infrastructure Fund Fourteen, L.P. (Incorporated by reference to Exhibit 10.4 to Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2009, filed August 14, 2009). |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 31.1   | Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer.                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 31.2   | Rule 13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer.                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 31.3   | Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer.                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 32.1   | Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 32.2   | Certification of Co-Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 32.3   | Certification of Chief Financial Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                                                                                                                                                                                                  |

----

Table of Contents

SIGNATURES

| 26 |
|----|

----