**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE COMMISSION**


**Washington,
      D.C. 20549**





**FORM
      10-Q**





[x]         Quarterly
      Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
      for the





quarterly
                period ended
            **June
                30, 2007**





[  ]         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_
            **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)
            (IRS
                Employer Identification Number)





**100
                Fifth Avenue, 4th
                Floor, New
                York, New York**
            **10011-1505**(Address
                of principal executive offices)
            (Zip
                code)





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





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.  [x]
        Yes       [  ]
        No





Indicate
        by check mark whether the registrant is a large accelerated filer, an
        accelerated filer or a non-accelerated filer. See definition of ‘‘accelerated
        filer and large accelerated filer’’ in Rule 12b-2 of the Exchange
        Act.  Large accelerated filer
        [  ]    Accelerated
        filer [  ]   Non-accelerated filer
        [x]





Indicate
        by check mark whether the registrant is a shell company (as defined in Rule
        12b-2 of the Exchange Act).  [  ]
        Yes       [x] No





Number
      of
      outstanding limited liability company shares of the registrant on July 31,
      2007
      is 148,561.













ICON
                Income Fund Ten, LLC
              Table
                of ContentsPART
                I - FINANCIAL INFORMATION
            PageItem
                1.  Condensed Consolidated Financial
                StatementsCondensed
                Consolidated Balance Sheets at June 30, 2007
                (Unaudited)and
                December 31, 2006
            1Condensed
                Consolidated Statements of Operations for the
                Three and SixMonths
                Ended June 30, 2007 and 2006
                (Unaudited)
            2Condensed
                Consolidated Statement of Changes in Members’
                Equity for theYear
                Ended December 31, 2006 and for the Three and Six
                Months EndedJune
                30, 2007 (Unaudited)
            3Condensed
                Consolidated Statements of Cash Flows for the Six
                MonthsEnded
                June 30, 2007 and 2006 (Unaudited)
            4Notes
                to Condensed Consolidated Financial Statements
                (Unaudited)
            6Item
                2. Manager’s Discussion and Analysis of Financial
                Condition andResults
                of Operations
            14Item
                3. Quantitative and Qualitative Disclosures About
                Market Risk
            21Item
                4. Controls and Procedures
            21PART
                II – OTHER INFORMATIONItem
                1. Legal Proceedings
            
            23Item
                1A.   Risk
                Factors
            
            23Item
                2. Unregistered Sales of Equity Securities and Use of
                Proceeds
            23Item
                3. Defaults Upon Senior
                Securities
            23Item
                4. Submission of Matters to a Vote of Security
                Holders
            23Item
                5. Other Information
            
            23Item
                6. Exhibits
            
            23Signatures
            
            24







*Table
          of Contents*






**PART
      I – FINANCIAL INFORMATION**





**Item
      1.  Condensed Consolidated Financial
      Statements**





ICON
                Income Fund Ten, LLC(A
                Delaware Limited Liability Company)Condensed
                Consolidated Balance SheetsASSETSJune
                30,2007
            
            
            December
                31,(Unaudited)
            
            
            2006Cash
                and cash equivalents
            
            $
            18,594,398
            
            
            $
            5,685,688Investments
                in finance leases:Minimum
                rents receivable
            
            
            21,540,184
            
            
            
            22,975,426Estimated
                unguaranteed residual values
            
            
            2,207,045
            
            
            
            2,160,615Initial
                direct costs, net
            
            
            162,968
            
            
            
            182,049Unearned
                income
            
            
            (9,757,373
            )
            
            
            (10,899,809
            )Net
                investments in finance leases
            
            
            14,152,824
            
            
            
            14,418,281Investments
                in operating leases:Equipment,
                at cost
            
            
            140,224,061
            
            
            
            145,214,350Accumulated
                depreciation
            
            
            (51,936,753
            )
            
            
            (45,418,818
            )Net
                investments in operating leases
            
            
            88,287,308
            
            
            
            99,795,532Investments
                in joint ventures
            
            
            5,930,903
            
            
            
            17,024,799Investments
                in unguaranteed residual values
            
            
            1,718,671
            
            
            
            2,409,009Equipment
                held for sale or lease, net
            
            
            535,478
            
            
            
            17,500Interest
                rate swap contracts
            
            
            620,013
            
            
            
            754,521Restricted
                cash
            
            
            1,464,000
            
            
            
            1,464,000Prepaid
                service fees, net
            
            
            154,619
            
            
            
            1,024,155Other
                assets, net
            
            
            143,807
            
            
            
            2,912,372Total
                assets
            
            $
            131,602,021
            
            
            $
            145,505,857LIABILITIES
                AND MEMBERS' EQUITYLiabilities:Notes
                payable - non-recourse
            
            $
            38,117,363
            
            
            $
            45,769,691Accounts
                payable and other liabilities
            
            
            372,619
            
            
            
            509,945Deferred
                rental income
            
            
            1,108,146
            
            
            
            1,355,712Due
                to Manager and Affiliates, net
            
            
            59,375
            
            
            
            60,271Minority
                interest
            
            
            3,499,511
            
            
            
            4,039,195Total
                liabilities
            
            
            43,157,014
            
            
            
            51,734,814Commitments
                and ContingenciesMembers'
                equity:Manager
                (one share outstanding, $1,000 per share original issue
                price)
            
            
            (450,448
            )
            
            
            (401,837
            )Additional
                Members (148,603 and 148,730 shares outstanding,$1,000
                per share original issue price)
            
            
            85,660,348
            
            
            
            90,581,159Accumulated
                other comprehensive income
            
            
            3,235,107
            
            
            
            3,591,721Total
                members' equity
            
            
            88,445,007
            
            
            
            93,771,043Total
                liabilities and members' equity
            
            $
            131,602,021
            
            
            $
            145,505,857








1
 *Table
          of Contents*





ICON
                Income Fund Ten, LLC(A
                Delaware Limited Liability Company)Condensed
                Consolidated Statements of Operations(Unaudited)Three
                Months Ended June 30,
            
            
            Six
                Months Ended June 30,2007
            
            
            2006
            
            
            2007
            
            
            2006Revenue:Rental
                income
            
            $
            7,109,323
            
            
            $
            6,850,602
            
            
            $
            14,547,609
            
            
            $
            13,402,503Finance
                income
            
            
            676,194
            
            
            
            -
            
            
            
            1,358,145
            
            
            
            -Income
                from investments in joint ventures
            
            
            150,914
            
            
            
            425,955
            
            
            
            376,791
            
            
            
            702,185Net
                gain on sales of equipment
            
            
            32,814
            
            
            
            (6,422
            )
            
            
            150,879
            
            
            
            (3,696
            )Net
                gain on foreign currency transactions
            
            
            325,267
            
            
            
            -
            
            
            
            328,228
            
            
            
            26,713Interest
                and other income
            
            
            67,422
            
            
            
            155,197
            
            
            
            154,148
            
            
            
            315,808Total
                revenue
            
            
            8,361,934
            
            
            
            7,425,332
            
            
            
            16,915,800
            
            
            
            14,443,513Expenses:Depreciation
                and amortization
            
            
            5,592,407
            
            
            
            6,294,050
            
            
            
            11,962,850
            
            
            
            12,596,836Interest
            
            
            529,139
            
            
            
            730,235
            
            
            
            1,114,918
            
            
            
            1,564,437Management
                fees - Manager
            
            
            463,904
            
            
            
            449,573
            
            
            
            1,052,264
            
            
            
            897,410Administrative
                expense reimbursements - Manager
            
            
            180,746
            
            
            
            217,430
            
            
            
            391,283
            
            
            
            504,761General
                and administrative
            
            
            182,507
            
            
            
            105,242
            
            
            
            640,984
            
            
            
            280,078Minority
                interest
            
            
            93,023
            
            
            
            10,542
            
            
            
            157,026
            
            
            
            21,636Total
                expenses
            
            
            7,041,726
            
            
            
            7,807,072
            
            
            
            15,319,325
            
            
            
            15,865,158Net
                income (loss)
            
            $
            1,320,208
            
            
            $
            (381,740
            )
            
            $
            1,596,475
            
            
            $
            (1,421,645
            )Net
                income (loss) allocable to:Additional
                Members
            
            $
            1,307,006
            
            
            $
            (377,923
            )
            
            $
            1,580,510
            
            
            $
            (1,407,429
            )Manager
            
            
            13,202
            
            
            
            (3,817
            )
            
            
            15,965
            
            
            
            (14,216
            )$
            1,320,208
            
            
            $
            (381,740
            )
            
            $
            1,596,475
            
            
            $
            (1,421,645
            )Weighted
                average number of additionalmember
                shares outstanding
            
            
            148,640
            
            
            
            148,916
            
            
            
            148,662
            
            
            
            149,019Net
                income (loss) per weighted averageadditional
                member share
            
            $
            8.79
            
            
            $
            (2.54
            )
            
            $
            10.63
            
            
            $
            (9.44
            )










2
 *Table
          of Contents*






ICON
                Income Fund Ten, LLC(A
                Delaware Limited Liability Company)Condensed
                Consolidated Statement of Changes in Members' EquityFor
                the Year Ended December 31, 2006 and for the Three and Six Months
                Ended
                June 30, 2007(Unaudited)AccumulatedOther
            
            
            TotalAdditional
            
            
            Additional
            
            
            Managing
            
            
            Comprehensive
            
            
            Members'Member
                Shares
            
            
            Members
            
            
            Member
            
            
            Income
                (Loss)
            
            
            EquityBalance,
                January 1, 2006
            
            
            149,174
            
            
            
            105,724,368
            
            
            
            (252,770
            )
            
            
            (22,194
            )
            
            
            105,449,404Additional
                member shares redeemed
            
            
            (444
            )
            
            
            (385,563
            )
            
            
            -
            
            
            
            -
            
            
            
            (385,563
            )Cash
                distributions to members
            
            
            -
            
            
            
            (12,805,418
            )
            
            
            (129,348
            )
            
            
            -
            
            
            
            (12,934,766
            )Change
                in valuation of interest rateswap
                contracts
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            (243,456
            )
            
            
            (243,456
            )Change
                in valuation of warrants heldby
                a joint venture
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            538,072
            
            
            
            538,072Foreign
                currency translation adjustment
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            3,319,299
            
            
            
            3,319,299Net
                loss
            
            
            -
            
            
            
            (1,952,228
            )
            
            
            (19,719
            )
            
            
            -
            
            
            
            (1,971,947
            )Balance,
                December 31, 2006
            
            
            148,730
            
            
            
            90,581,159
            
            
            
            (401,837
            )
            
            
            3,591,721
            
            
            
            93,771,043Additional
                member shares redeemed
            
            
            (71
            )
            
            
            (59,612
            )
            
            
            -
            
            
            
            -
            
            
            
            (59,612
            )Cash
                distributions to members
            
            
            -
            
            
            
            (3,196,955
            )
            
            
            (32,292
            )
            
            
            -
            
            
            
            (3,229,247
            )Change
                in valuation of interest rateswap
                contracts
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            (164,805
            )
            
            
            (164,805
            )Change
                in valuation of warrants heldby
                a joint venture
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            (473,681
            )
            
            
            (473,681
            )Foreign
                currency translation adjustment
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            146,150
            
            
            
            146,150Net
                income
            
            
            -
            
            
            
            273,504
            
            
            
            2,763
            
            
            
            -
            
            
            
            276,267Balance,
                March 31, 2007
            
            
            148,659
            
            
            
            87,598,096
            
            
            
            (431,366
            )
            
            
            3,099,385
            
            
            
            90,266,115Additional
                member shares redeemed
            
            
            (56
            )
            
            
            (48,797
            )
            
            
            -
            
            
            
            -
            
            
            
            (48,797
            )Cash
                distributions to members
            
            
            -
            
            
            
            (3,195,957
            )
            
            
            (32,284
            )
            
            
            -
            
            
            
            (3,228,241
            )Change
                in valuation of interest rateswap
                contracts
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            30,297
            
            
            
            30,297Change
                in valuation of warrants heldby
                a joint venture
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            (16,242
            )
            
            
            (16,242
            )Foreign
                currency translation adjustment
            
            
            -
            
            
            
            -
            
            
            
            -
            
            
            
            121,667
            
            
            
            121,667Net
                income
            
            
            -
            
            
            
            1,307,006
            
            
            
            13,202
            
            
            
            -
            
            
            
            1,320,208Balance,
                June 30, 2007
            
            
            148,603
            
            
            
            85,660,348
            
            
            
            (450,448
            )
            
            
            3,235,107
            
            
            
            88,445,007










3
 *Table
          of Contents*





ICON
                Income Fund Ten, LLC(A
                Delaware Limited Liability Company)Condensed
                Consolidated Statements of Cash FlowsSix
                Months Ended June 30,(Unaudited)2007
            
            
            2006Cash
                flows from operating activities:Net
                income (loss)
            
            $
            1,596,475
            
            
            $
            (1,421,645
            )Adjustments
                to reconcile net income (loss) to net cashprovided
                by operating activities:Rental
                income paid directly to lenders by lessees
            
            
            (8,784,000
            )
            
            
            (8,784,000
            )Finance
                income
            
            
            (1,358,145
            )
            
            
            -Income
                from investments in joint ventures
            
            
            (376,791
            )
            
            
            (702,185
            )Net
                gain on sales of equipment
            
            
            (150,879
            )
            
            
            3,696Depreciation
                and amortization
            
            
            11,962,850
            
            
            
            12,596,836Interest
                expense on non-recourse financing paid directlyto
                lenders by lessees
            
            
            1,114,918
            
            
            
            1,529,937Minority
                interest
            
            
            157,026
            
            
            
            21,636Changes
                in operating assets and liabilities:Collection
                of principal - non-financed receivables
            
            
            1,903,147
            
            
            
            -Due
                to Manager and affiliates, net
            
            
            (9,710
            )
            
            
            (6,668
            )Other
                assets
            
            
            2,643,362
            
            
            
            (809,739
            )Accounts
                payable and other liabilities
            
            
            (233,501
            )
            
            
            (925,244
            )Deferred
                rental income
            
            
            (247,566
            )
            
            
            164,007Net
                cash provided by operating activities
            
            
            8,217,186
            
            
            
            1,666,631Cash
                flows from investing activities:Investments
                in operating leases, net of security deposit assumed
            
            
            -
            
            
            
            (3,072,034
            )Proceeds
                from sales of equipment and unguaranteed residual values
            
            
            767,132
            
            
            
            2,405,854Distributions
                received from joint ventures
            
            
            11,186,287
            
            
            
            772,187Restricted
                cash provided
            
            
            -
            
            
            
            733,792Net
                cash provided by investing activities
            
            
            11,953,419
            
            
            
            839,799Cash
                flows from financing activities:Cash
                distributions to members
            
            
            (6,457,488
            )
            
            
            (6,472,432
            )Distributions
                to minority interest holders in joint ventures
            
            
            (696,710
            )
            
            
            (240,222
            )Additional
                member shares redeemed
            
            
            (108,409
            )
            
            
            (262,175
            )Net
                cash used in financing activities
            
            
            (7,262,607
            )
            
            
            (6,974,829
            )Effects
                of exchange rates on cash and cash equivalents
            
            
            712
            
            
            
            (95,607
            )Net
                increase (decrease) in cash and cash equivalents
            
            
            12,908,710
            
            
            
            (4,564,006
            )Cash
                and cash equivalents, beginning of the period
            
            
            5,685,688
            
            
            
            24,242,517Cash
                and cash equivalents, end of the period
            
            $
            18,594,398
            
            
            $
            19,678,511









4
 *Table
          of Contents*







ICON
                Income Fund Ten, LLC(A
                Delaware Limited Liability Company)Condensed
                Consolidated Statements of Cash FlowsSix
                Months Ended June 30,(Unaudited)2007
            
            
            2006Supplemental
                disclosure of cash flow information:Cash
                paid during the period for interest
            
            $
            -
            
            
            $
            -Supplemental
                disclosure of non-cash investing and financing activities:Principal
                and interest paid on non-recourse notes payabledirectly
                to lenders by lessees
            
            
            8,784,000
            
            
            
            8,784,000Transfer
                of investments in lease assets to equipment held forsale
                or lease, net
            
            
            517,978
            
            
            
            -Transfer
                from restricted cash to investments in operating leases
            
            
            -
            
            
            
            1,599,797Accrued
                legal fees for an investment in joint ventures
            
            
            112,292
            
            
            
            -Transfer
                from investments in unguaranteed residual values toinvestments
                in operating leases
            
            
            326,402
            
            
            
            100,433











5
 *Table
          of Contents*




ICON
        Income Fund Ten, LLC
 (A
        Delaware Limited Liability Company)
 Notes
        to
        Condensed Consolidated Financial Statements
 June
        30,
        2007
 (Unaudited)


(1)
            Basis
                of Presentation and Consolidation





The
      accompanying condensed consolidated financial statements of ICON Income Fund
      Ten, LLC (the “LLC”) have been prepared in accordance with accounting principles
      generally accepted in the United States of America (“GAAP”) for interim
      financial information and pursuant to the rules and regulations of the
      Securities and Exchange Commission for Quarterly Reports on Form 10-Q.
      Accordingly, they do not include all of the information and footnotes required
      by GAAP for complete financial statements. In the opinion of ICON Capital Corp.
      (the “Manager”), all adjustments (consisting only of normal recurring accruals)
      considered necessary for a fair presentation have been included. These condensed
      consolidated financial statements should be read together with the consolidated
      financial statements and notes included in the LLC’s 2006 Annual Report on Form
      10-K. The results for the interim period are not necessarily indicative of
      the
      results for the full year.





The
      condensed consolidated financial statements include the accounts of the LLC
      and
      its majority owned subsidiaries. All intercompany accounts and transactions
      have
      been eliminated in consolidation.





The
      LLC
      accounts for its noncontrolling interests in joint ventures where the LLC has
      influence on financial and operational matters, generally greater than 5% but
      less than 50% ownership interest, under the equity method of accounting. In
      such
      cases, the LLC’s original investments are recorded at cost and adjusted for its
      share of earnings, losses and distributions. The LLC accounts for investments
      in
      joint ventures where the LLC has virtually no influence over financial and
      operational matters using the cost method of accounting. In such cases, the
      LLC’s original investments are recorded at cost and any distributions received
      are recorded as revenue. All of the LLC’s investments in joint ventures are
      subject to its impairment review policies.





In
      joint
      ventures where the LLC’s interest is majority owned, the financial condition and
      results of operations of the joint venture are consolidated. Minority
      interest represents the minority owner's proportionate share of its equity
      in
      the joint venture. The minority interest is adjusted for the minority owner's
      share of the earnings, losses and distributions of the joint
      venture.





(2)
            Organization





The
      LLC
      was formed on January 2, 2003 as a Delaware limited liability
      company.  The LLC is engaged in one business segment, the business of
      acquiring equipment subject to lease and, to a lesser degree, acquiring
      ownership rights to items of leased equipment at lease expiration. The LLC
      will continue until December 31, 2023, unless terminated sooner.





The
      Manager of the LLC was a Connecticut corporation. Effective June 1, 2007, the
      Manager was re-incorporated as a Delaware corporation. The Manager manages
      and
      controls the business affairs of the LLC, including, but not limited to, the
      equipment leases and financing transactions that the LLC enters into under
      the
      terms of the LLC’s limited liability company agreement (the “LLC
      Agreement”).  Additionally, the Manager has a 1% interest in the
      profits, losses, cash distributions and liquidation proceeds of the
      LLC.





The
      LLC
      invested most of the net proceeds from its offering in items of equipment that
      are subject to a lease. After the net offering proceeds were invested,
      additional investments are made with the cash generated from the LLC’s initial
      investments to the extent that cash is not needed for expenses, reserves and
      distributions to members. The investment in additional equipment in this manner
      is called “reinvestment.” The LLC currently anticipates purchasing equipment
      from time to time until approximately April 4, 2010, unless that date is
      extended for up to an additional three years, at the Manager’s sole discretion.
      After the reinvestment period, the LLC will then sell its assets in the ordinary
      course of business, a time frame called the “liquidation period”.






6
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          of Contents*




ICON
        Income Fund Ten, LLC
 (A
        Delaware Limited Liability Company)
 Notes
        to
        Condensed Consolidated Financial Statements
 June
        30,
        2007
 (Unaudited)





(2)
            Organization
                - continued




Members’
      capital accounts are increased for their initial capital contribution plus
      their
      proportionate share of earnings and decreased by their proportionate share
      of
      losses and distributions. Profits, losses, cash distributions and liquidation
      proceeds are allocated 99% to the additional members and 1% to the Manager
      until
      each additional member has received cash distributions and liquidation proceeds
      sufficient to reduce their adjusted capital contribution account to zero and
      have received, in addition, other distributions and allocations that provide
      an
      8% per annum cumulative return on their outstanding adjusted capital
      contribution account.  After such time, the distributions will be
      allocated 90% to the additional members and 10% to the Manager.





(3)
            Summary
                of Significant Accounting Policies





Use
      of
      Estimates





The
      preparation of financial statements in conformity with GAAP requires the Manager
      to make estimates and assumptions that affect the reported amounts of assets
      and
      liabilities and the disclosure of contingent assets and liabilities as of the
      date of the condensed consolidated financial statements and the reported amounts
      of revenues and expenses during the reporting period. Significant estimates
      primarily include the determination of allowance for doubtful accounts,
      unguaranteed residual values, depreciation and amortization and impairment
      losses. Actual results could differ from those estimates.





Reclassifications





Certain
      reclassifications have been made to the accompanying condensed consolidated
      financial statements in prior periods to conform to the current
      presentation.





(4)
            Investments
                in Operating Leases





Investments
      in operating leases consist of the following:








June
                30,2007
            
            
            December
                31,(Unaudited)
            
            
            2006Container
                vessels
            
            $
            107,219,708
            
            
            $
            107,219,708Digital
                mini-labs
            
            
            8,863,740
            
            
            
            8,863,740Information
                technology equipment
            
            
            1,037,369
            
            
            
            6,027,658Telecommunications
                systems
            
            
            18,077,855
            
            
            
            18,077,855Refrigeration
                equipment
            
            
            720,473
            
            
            
            720,473Manufacturing
                equipment
            
            
            4,304,916
            
            
            
            4,304,916140,224,061
            
            
            
            145,214,350Less:
                accumulated depreciation
            
            
            (51,936,753
            )
            
            
            (45,418,818
            )$
            88,287,308
            
            
            $
            99,795,532








7
 *Table
          of Contents*





ICON
        Income Fund Ten, LLC
 (A
        Delaware Limited Liability Company)
 Notes
        to
        Condensed Consolidated Financial Statements
 June
        30,
        2007
 (Unaudited)





(4)
            Investments
                in Operating Leases – continued





*Information
      technology equipment*





On
      March
      31, 2004, the LLC, along with ICON Income Fund Nine, LLC (“Fund Nine”), an
      entity also managed by the Manager, formed a joint venture, ICON GeicJV, for
      the
      purpose of purchasing information technology equipment subject to a lease with
      Government Employees Insurance Company (“GEICO”) until March 31, 2007. The LLC
      paid approximately $4,331,000 for its investment in ICON GeicJV.  The
      LLC and Fund Nine have interests of 74% and 26%, respectively.  On
      April 30, 2004, ICON GeicJV acquired the technology equipment subject to lease
      for a total cost of approximately $5,853,000.





During
      March 2007, GEICO returned equipment with a cost basis of approximately
      $5,165,000 and extended on a month–to-month basis equipment with a cost basis of
      approximately $688,000. Of the equipment that was returned, the Manager has
      sold
      equipment with a net book value of approximately $229,000. The LLC realized
      proceeds of approximately $243,000 and recognized a gain of approximately
      $14,000. The remaining returned equipment is currently being remarketed by
      the
      Manager, and has a net book value of approximately $518,000, and was
      reclassified to equipment held for sale or lease, net.





*Refrigeration
      Equipment*





During
      July 2007, PW Supermarkets, Inc. extended the lease on refrigeration equipment
      until July 2008.





(5)
            Joint
                Ventures





The
      joint
      ventures described below are not consolidated by the LLC.





ICON
      Global Crossing, LLC





The
      LLC
      has a 30.6% interest in ICON Global Crossing LLC (“ICON Global Crossing”) whose
      sole purpose is to lease state-of-the-art telecommunications equipment to Global
      Crossing Telecommunications, Inc.





The
      results of operations of ICON Global Crossing for the three and six months
      ended
      June 30, 2007, and 2006 are summarized below:





Three
                Months Ended
              June
                30,
            
            
            Six
                Months Ended
              June
                30,2007
            
            
            2006
            
            
            2007
            
            
            2006Net
                income
            
            $
            658,685
            
            
            $
            686,474
            
            
            $
            1,335,539
            
            
            $
            1,065,325LLC's
                share of net income
            
            $
            201,689
            
            
            $
            210,208
            
            
            $
            408,942
            
            
            $
            376,902








ICON
      AEROTV, LLC





The
      LLC
      owns a 50% interest in ICON AeroTV, LLC (“ICON AeroTV”), whose sole purpose was
      owning equipment leased to AeroTV Ltd (“AeroTV”). On February 13, 2007, AeroTV’s
      customer, the largest scheduled bus line in Europe, terminated its service
      agreement with AeroTV. Shortly thereafter, AeroTV notified the Manager of its
      inability to pay certain rent owed to ICON AeroTV and subsequently filed for
      insolvency protection in the United Kingdom. In February 2007, ICON AeroTV
      sent
      a notice to AeroTV terminating the Master Lease Agreement.  Certain
      facts came to light that gave the Manager serious concerns regarding the
      propriety of AeroTV's actions during and after the execution of the lease with
      AeroTV. On April 18, 2007 ICON AeroTV filed a lawsuit in the United Kingdom’s
      High Court of Justice, Queen’s Bench Division against AeroTV and one of its
      directors for fraud. Subsequently, ICON AeroTV received a default judgment
      against the AeroTV director. ICON AeroTV is currently in the process of
      registering and executing the judgment.  At this time it is not possible to
      determine the ability to collect the judgment.






8
 *Table
          of Contents*




ICON
        Income Fund Ten, LLC
 (A
        Delaware Limited Liability Company)
 Notes
        to
        Condensed Consolidated Financial Statements
 June
        30,
        2007
 (Unaudited)





(5)
            Investments
                in Joint Ventures – continued




On
      February 20, 2007, ICON AeroTV wrote off its leased assets with a
      remaining cost basis of approximately $441,000, off-setting the loss was
      the recognition of the relinquished security deposit and deferred income of
      approximately $288,000, resulting in a loss of approximately $153,000. During
      March 2007, ICON AeroTV collected approximately $218,000 of the remaining rent
      balance.  In April 2007, all the remaining amounts previously
      contributed to ICON AeroTV for the purchase of on board digital audio/visual
      systems were returned to the LLC and ICON Leasing Fund Eleven, LLC (“Fund
      Eleven”), which amount together with accrued interest was approximately
      $5,215,000.





ICON
      EAM,
      LLC





On
      November 9, 2005, the LLC, along with Fund Eleven, formed ICON EAM, LLC (“ICON
      EAM") and each contributed approximately $5,620,000 in cash for a 50% interest
      in ICON EAM with the intention of purchasing industrial gas meters and
      accompanying data gathering equipment that would be subject to a Master Lease
      with EAM Assets Ltd. (“EAM”). EAM is a meter asset manager whose business is
      maintaining industrial gas meters in the United Kingdom.  EAM was
      unable to meet its conditions precedent to the LLC’s obligations to perform
      under the Master Lease. The Manager attempted to negotiate a resolution with
      EAM
      regarding its failure to meet those conditions
      precedent.******Based on the Manager’s further due
      diligence, the Manager determined it was not in the LLC’s best interest to enter
      into a work-out situation with EAM at that time. All amounts funded to ICON
      EAM
      in anticipation of purchasing the industrial gas meters and accompanying data
      gathering equipment were deposited into an interest bearing escrow account
      controlled by ICON EAM's legal counsel**.**In April 2007, ICON
      EAM's initial investment and all accrued interest were returned to the LLC
      and
      Fund Eleven, amounting to approximately $13,833,000.





(6)
            Investment
                in Unguaranteed Residual Values





*Summit
      Asset Management Limited*





The
      LLC
      entered into a participation agreement with Summit Asset Management Limited
      (“SAM”), an unrelated third party, to acquire a 75% interest in the unguaranteed
      residual values of a portfolio of equipment on lease with various United Kingdom
      lessees. These leases expire at various dates through August 30, 2009. The
      LLC
      does not have an interest in the equipment until the expiration of the initial
      term of the leases. The portfolio is mostly comprised of information technology
      equipment, including laptops, desktops and printers. The purchase price was
      approximately $2,843,000, inclusive of legal costs.





SAM
      receives commissions on transaction and realization proceeds, as defined in
      the
      participation agreement. For the three and six months ended June 30, 2007,
      the
      LLC paid SAM approximately $28,000 and $57,000, respectively, in commissions
      and
      realization proceeds, which are included in general and administrative expenses
      in the accompanying condensed consolidated statement of operations.






9
 *Table
          of Contents*


ICON
        Income Fund Ten, LLC
 (A
        Delaware Limited Liability Company)
 Notes
        to
        Condensed Consolidated Financial Statements
 June
        30,
        2007
 (Unaudited)





(6)
            Investments
                in Unguaranteed Residual Values –
continued





For
      the
      three months ended June 30, 2007, the LLC remarketed certain of its investments
      in unguaranteed residual values with a cost basis of approximately $234,000.
      Of
      this amount, the LLC realized proceeds of approximately $9,000, on sales of
      its
      interests in unguaranteed residual values of approximately $8,000, and
      transferred other investments in unguaranteed residual values, with a cost
      basis
      of approximately $226,000, to investments in operating leases. The lease terms
      expire at various dates through August 2009.





For
      the
      six months ended June 30, 2007, the LLC remarketed certain of its investments
      in
      unguaranteed residual values with a cost basis of approximately $629,000. Of
      this amount, the LLC realized proceeds of approximately $381,000, on sales
      of
      its interests in unguaranteed residual values of approximately $303,000, and
      transferred other investments in unguaranteed residual values, with a cost
      basis
      of approximately $326,000, to investments in operating leases. The lease terms
      expire at various dates through August 2009.





*Key
      Finance Group, Limited*





During
      July 2006, the LLC entered into a purchase and sale agreement (the “Purchase
      Agreement”) with Key Finance Group, Ltd. (“Key Finance”) (a United Kingdom based
      company), acquiring an interest in the unguaranteed residual values of various
      technology equipment currently on lease to various lessees located in the United
      Kingdom for approximately $782,000 (£422,000).  These leases have
      various expiration dates through March 2015.





Under
      the
      terms of the Purchase Agreement, Key Finance and the LLC will receive residual
      proceeds up to the “bottom residual value,” as defined in the remarketing
      agreement.  The LLC will then receive residual proceeds up to certain
      thresholds established in the Purchase Agreement.  Under the terms of
      the Purchase Agreement, once the portfolio’s return to the LLC has exceeded the
      expected residual, as established in the Purchase Agreement, any additional
      residual proceeds will be split equally between the LLC and Key
      Finance.





For
      the
      three and six months ended June 30, 2007, the LLC remarketed certain of its
      investments in unguaranteed residual values, with a cost basis of approximately
      $32,000 and $61,000, respectively. The LLC realized proceeds of approximately
      $33,000 and $67,000, respectively, on these equipment sales.





(7)
            Revolving
                Loan Facility – Recourse





On
      August
      31, 2005, the LLC, together with certain of its affiliates (entities sponsored
      and organized by the Manager), ICON Income Fund Eight B L.P., Fund Nine and
      Fund
      Eleven (collectively, the "Borrowers") entered into a Commercial Loan Agreement
      (the "Agreement"), with California Bank & Trust (the “Lender”). The
      Agreement provides for a revolving line of credit of up to $17,000,000 pursuant
      to a senior secured revolving loan facility (the "Facility") which is secured
      by
      all assets of the Borrowers not subject to a first priority lien, as defined
      in
      the Agreement. Each of the Borrowers is jointly and severally liable for
      all amounts borrowed under the Facility. Amounts available under the Facility
      are subject to a borrowing base that is determined, subject to certain
      limitations, on the present value of the future receivables under certain lease
      agreements in which the Borrowers have a beneficial interest.





As
      part
      of the Agreement, the Borrowers are required to comply with certain financial
      covenants, including, a minimum debt coverage ratio, a tangible net worth
      covenant, a leverage ratio and a minimum liquidity covenant. The Borrowers
      are
      in compliance with these covenants at June 30, 2007.






10
 *Table
          of Contents*




ICON
        Income Fund Ten, LLC
 (A
        Delaware Limited Liability Company)
 Notes
        to
        Condensed Consolidated Financial Statements
 June
        30,
        2007
 (Unaudited)





(7)
            Revolving
                Loan Facility – continued





The
      Agreement prohibits the Borrowers from declaring or paying any distribution
      to
      investors if such a payment would cause the Borrowers to become non-compliant
      with the financial covenants in the Agreement.





In
      addition, on August 31, 2005, the Borrowers entered into a Contribution
      Agreement (the "Contribution Agreement") pursuant to which the Borrowers agreed
      to certain restrictions on the amounts and terms of their respective borrowings
      under the Facility in order to minimize the risk that a Borrower would be
      unable to repay its portion of the outstanding obligations under the Facility
      at any time. These restrictions include, but are not limited to, borrowing
      in excess of the lesser of (a) an amount each Borrower could reasonably expect
      to repay in one year from its projected free cash flow, or (b) the greater
      of
      (i) the borrowing base, as defined in the Agreement, as applied to such and
      (ii)
      50% of the net worth of such Borrower. The Contribution Agreement also provides
      that, in the event a Borrower pays an amount under the Contribution Agreement
      in
      excess of its share of the total obligations under the Facility, whether by
      reason of an event of default or otherwise, the other Borrowers will immediately
      make a contribution payment to such Borrower and in such amount that the
      aggregate amount paid by each Borrower reflects its allocable share of the
      aggregate obligations under the Facility. The Borrowers' obligations to each
      other under the Contribution Agreement are collateralized by a subordinate
      lien on the assets of each Borrower. The Borrowers are in compliance with the
      Contribution Agreement at June 30, 2007 and no amounts are due to or payable
      by
      the LLC under the Contribution Agreement.





On
      December 26, 2006, the Borrowers entered into a Loan Modification Agreement
      (the
“Loan Modification”) to the Agreement. The changes to the Agreement are an
      extension of the Facility from August
      31, 2007 to September 30, 2008 and the lowering of (i) the interest rate for
      advances under the Facility from the Lender’s prime rate plus 0.25% to the
      Lender’s prime rate and (ii) the interest rate on the five separate
      advances that are permitted to be made under the Facility at the rate at which
      United States dollar deposits can be acquired by the Lender in the London
      Interbank Eurocurrency Market (the “LIBOR Rate”) plus 2.75% per year to the
      LIBOR Rate plus 2.5% per year. In addition, pursuant to the terms of the Loan
      Modification, the Borrowers no longer have to maintain a cash reserve. The
      interest rate at June 30, 2007 was 8.25%.





On
      June
      20, 2007, the Loan Agreement, the Contribution Agreement and the Loan
      Modification were modified so that ICON Leasing Fund Twelve, LLC (“Fund Twelve”)
      became a permitted borrower. Although Fund Twelve does not have any outstanding
      borrowings under the Facility, as a result of its entry into the Loan
      Modification, it is jointly and severally liable for the outstanding
      balance.





Aggregate
      borrowings by all Borrowers under the Facility amounted to $6,755,000 at June
      30, 2007.  The LLC currently has no borrowings outstanding under the
      Facility.







11
 *Table
          of Contents*




ICON
        Income Fund Ten, LLC
 (A
        Delaware Limited Liability Company)
 Notes
        to
        Condensed Consolidated Financial Statements
 June
        30,
        2007
 (Unaudited)





(8)
            Other
                Comprehensive Income (Loss)





Other
      comprehensive income (loss) consists of the following:





Three
                Months Ended
            
            
            Six
                Months EndedJune
                30,
            
            
            June
                30,2007
            
            
            2006
            
            
            2007
            
            
            2006Net
                income (loss)
            
            $
            1,320,208
            
            
            $
            (381,740
            )
            
            $
            1,596,475
            
            
            $
            (1,421,645
            )Other
                comprehensive income (loss):Change
                in valuation of interest rateswap
                contracts
            
            
            30,297
            
            
            
            216,560
            
            
            
            (134,508
            )
            
            
            429,475Change
                in valuation of warrants heldby
                a joint venture
            
            
            (16,242
            )
            
            
            (547,483
            )
            
            
            (489,923
            )
            
            
            640,037Foreign
                currency translation adjustment
            
            
            121,667
            
            
            
            1,056,802
            
            
            
            267,817
            
            
            
            1,259,568Comprehensive
                income
            
            $
            1,455,930
            
            
            $
            344,139
            
            
            $
            1,239,861
            
            
            $
            907,435








(9)
            Transactions
                with Related Parties





The
      Manager performs certain services relating to the management of the LLC’s
      equipment leasing activities. Such services include the collection of lease
      payments from the lessees of the equipment, re-leasing services in connection
      with equipment which is off-lease, inspections of the equipment, liaison with
      and general supervision of lessees to assure that the equipment is being
      properly operated and maintained, monitoring performance by the lessees of
      their
      obligations under the leases and the payment of operating expenses.





Administrative
      expense reimbursements are costs incurred by the Manager that are necessary
      to
      the LLC’s operations.  These costs include the Manager’s legal, accounting,
      investor relations and operations personnel, as well as professional fees and
      other costs, that are charged to the LLC based upon the percentage of time
      such
      personnel dedicate to the LLC.  Excluded are salary and related costs,
      travel expenses and other administrative costs incurred by individuals with
      a
      controlling interest in the Manager.





The
      Manager also has a 1% interest in the LLC’s profits, losses and distributions.
      The LLC paid distributions to the Manager of $64,575 for the six
      months ended June 30, 2007. The Manager’s interest in the LLC’s net income
      (loss) for the three months ended June 30, 2007 and 2006 was $13,202
      and $(3,817), respectively. The Manager’s interest in the LLC’s net income
      (loss) for the six months ended June 30, 2007 and 2006 was $15,965 and
      $(14,216), respectively.





12
 *Table
          of Contents*
  ICON
          Income Fund Ten, LLC
 (A
          Delaware Limited Liability Company)
 Notes
          to
          Condensed Consolidated Financial Statements
 June
          30,
          2007
 (Unaudited)





(9)
            Transactions
                with Related Parties – continued





Fees
      and
      other expenses paid or accrued by the LLC to the Manager for the three and
      six
      months ended June 30, 2007 and 2006, were as follows:





Three
                Months Ended
            
            
            Six
                Months EndedJune
                30,
            
            
            June
                30,2007
            
            
            2006
            
            
            2007
            
            
            2006Management
                fees (1)
            
            $
            463,904
            
            
            $
            449,573
            
            
            $
            1,052,264
            
            
            $
            897,410Administrative
                expense reimbursements (1)
            
            
            180,746
            
            
            
            217,430
            
            
            
            391,283
            
            
            
            504,761$
            644,650
            
            
            $
            667,003
            
            
            $
            1,443,547
            
            
            $
            1,402,171(1)  Charged
                directly to operations.








The
      LLC
      had a net payable of approximately $59,000 due to the Manager and Affiliates
      at
      June 30, 2007. The net payable was primarily comprised of a payable due to
      the
      Manager relating to administrative expense reimbursements accrued and unpaid
      at
      June 30, 2007.




(10)
            Recent
                  Accounting Pronouncements





The
      Manager does not believe that any other recently issued, but not yet effective
      accounting pronouncements, if currently adopted, would have a material effect
      on
      the accompanying condensed consolidated financial statements.




(11)
            Subsequent
                  Events





*Product
      Tanker*





On
      July
      24, 2007, the LLC and Fund Twelve, formed ICON Mayon, LLC (“ICON Mayon”), with
      interests of 51% and 49%, respectively. ICON Mayon purchased one Aframax 98,507
      DWT product tanker - the Mayon Spirit – from an affiliate of Teekay Corporation
      (“Teekay”). The purchase price for the Mayon Spirit was approximately
      $40,250,000, comprised of (i) the capital contribution to ICON Mayon of
      approximately $15,312,000 and (ii) borrowings of approximately $24,938,000
      of
      non-recourse indebtedness under a secured loan agreement with Fortis Capital
      Corp. In addition ICON Mayon paid an arrangement fee to Fortis Capital Corp.
      of
      approximately $187,000. Simultaneously with the closing of the purchase of
      the
      Mayon Spirit, the Mayon Spirit was bareboat chartered back to Teekay for a
      term
      of four years.  The charter commenced on July 24, 2007.




13
 *Table
          of Contents*






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





The
      following is a discussion of our results of operations and current financial
      position. This discussion should be read together with our unaudited condensed
      consolidated financial statements and related notes included elsewhere in this
      Quarterly Report, Part II, Item 1A. Risk Factors and the audited consolidated
      financial statements and related notes included in our Annual Report on Form
      10-K for the year ended December 31, 2006.




As
      used
      in this Quarterly Report on Form 10-Q, references to “we,” “us,” “our” or
      similar terms include ICON Income Fund Ten, LLC and its consolidated
      subsidiaries.





**Forward-Looking
      Statements**





Certain
      statements within this Quarterly Report on Form 10-Q may constitute
      forward-looking statements within the meaning of the Private Securities
      Litigation Reform Act of 1995 (“PSLRA”).  These statements are being
      made pursuant to the PSLRA, with the intention of obtaining the benefits of
      the
“safe harbor” provisions of the PSLRA, and, other than as required by law, we
      assume no obligation to update or supplement such
      statements.  Forward-looking statements are those that do not relate
      solely to historical fact. They include, but are not limited to, any statement
      that may predict, forecast, indicate or imply future results, performance,
      achievements or events. You can identify these statements by the use of words
      such as “may,” “will,” “could,” “anticipate,” “believe,” “estimate,” “expects,”
“intend,” “predict” or “project” and variations of these words or comparable
      words or phrases of similar meaning. These forward-looking statements reflect
      our current beliefs and expectations with respect to future events and are
      based
      on assumptions and are subject to risks and uncertainties and other factors
      outside our control that may cause actual results to differ materially from
      those projected.





**Overview**





We
      operate as an equipment leasing program in which the capital our members have
      invested is pooled together to make investments, pay fees and establish a small
      reserve. We primarily acquire equipment subject to lease, purchase equipment
      and
      lease it to third-party end users and, to a lesser degree, acquire ownership
      rights to items of leased equipment at lease expiration. Some of our equipment
      leases are acquired for cash and are expected to provide current cash flow,
      which we refer to as “income” leases. For the other equipment leases, we finance
      the majority of the purchase price. We refer to these leases as “growth” leases.
      Growth leases generate little or no current cash flow because substantially
      all
      of the rental payments received from a lessee service the indebtedness
      associated with acquiring or financing the lease. We anticipate that the future
      value of the leased equipment will exceed our cash portion of the purchase
      price.





Additional
      investments will continue to be made with the cash generated from our initial
      investments to the extent that the cash is not needed for expenses, reserves
      and
      distributions to members. The investment in additional equipment in this manner
      is called “reinvestment”.  We anticipate purchasing equipment from
      time to time until approximately April 4, 2010, unless that date is extended
      for
      up to an additional three years, at our Manager’s sole discretion.





At
      June
      30, 2007, our portfolio, which we hold either directly or through joint venture
      investments with affiliates, consists primarily of the following equipment
      subject to lease:





*Containership
      Equipment:*





·
            We
                have a 100% interest in three container vessels on bareboat charter
                to ZIM
                Israel Navigation Co. Ltd. ("ZIM"), the 1991 ZIM Korea (“ZIM Korea”), the
                1990 ZIM Canada (“ZIM Canada”) and the 1991 ZIM Italia (“ZIM Italia”). The
                ZIM Korea and the ZIM Canada have bareboat charters that expire during
                June 2009 and the ZIM Italia has a bareboat charter that expires
                during
                December 2009.






14
 *Table
          of Contents*





*Information
      Technology Equipment and Phone Systems:*





·
            We
                have a 74.6% interest in ICON GeicJV, which purchased information
                technology equipment, such as Sun servers, HP servers, Dell desktop
                computers and Panasonic laptop computers, subject to a three year
                lease
                with Government Employees Insurance Company (“GEICO”). As of March 31,
                2007, the lease with GEICO expired and the equipment has either been
                returned or renewed on a month-to-month
                basis.





·
            We
                have a 75% interest in the unguaranteed residual values of a portfolio
                of
                leases currently in effect and performing with various lessees in
                the
                United Kingdom. The portfolio is mostly comprised of information
                technology equipment, including laptops, desktops and printers. All
                of the
                leases expire at various dates through August 30,
                2009.





·
            We
                have a 100% interest in two Mitel Networks 3340 Global Branch Office
                Solution Phone Systems on lease to CompUSA, Inc.
                (“CompUSA”).  The two leases expire in December 2008 and
                December 2009, respectively.





·
            We
                have a 100% interest in 101 Noritsu QSS-3011 digital mini-labs on
                lease to
                the Rite Aid Corporation (“Rite Aid”). The leases expire at various times
                from November 2007 to September
                2008.





·
            We
                have a 30.6% interest in ICON Global Crossing, LLC (“ICON Global
                Crossing”), which purchased state-of-the-art telecommunications equipment
                from various vendors, which was then leased to Global Crossing
                Telecommunications, Inc. (“Global Crossing”). The lease expires on March
                31, 2010.





·
            We
                have a 72.3% interest in ICON Global Crossing II, LLC (“ICON Global
                Crossing II”), which purchased state-of-the-art telecommunications
                equipment from various vendors, which was then leased to Global Crossing
                and Global Crossing North American Networks, Inc. The lease expires
                on
                October 31, 2010.





*Other
      Equipment:*





·
            We
                have a 100% interest in refrigeration equipment on lease to P.W.
                Supermarkets, Inc (“PW Supermarkets”). The equipment is subject to a three
                year lease which was set to expire during July 2007. During July
                2007, PW
                Supermarkets extended the lease until July
                2008.





·
            We
                have a 100% interest in ICON Premier LLC (“Premier LLC”), which purchased
                hospital bedside entertainment and communication terminals that are
                on
                lease with Premier Telecom Contracts Limited (“Premier Telecom”). The
                equipment was installed in various hospitals located throughout the
                United
                Kingdom. The lease expires on December 31,
                2012.





·
            We
                have a 100% interest in automotive steering column production and
                assembly
                equipment on lease to Anchor Tool & Die Co. (“Anchor”). The equipment
                is subject to a three year lease which expires on September 30,
                2009.





***Lease
      and Other Significant Transactions***





*Information
      Technology Equipment:*





During
      March 2007, GEICO returned equipment with a cost basis of approximately
      $5,165,000 and extended on a month-to-month basis equipment with a cost basis
      of
      approximately $688,000. Of the equipment that was returned, our Manager has
      sold
      equipment with a net book value of approximately $229,000. We realized proceeds
      of approximately $243,000 and recognized a gain of approximately $14,000. The
      remaining returned equipment is currently being remarketed by our
      Manager, and has a net book value of approximately $518,000, and was
      reclassified to equipment held for sale or lease, net.






15
 *Table
          of Contents*





*Digital
      Audio/Visual Entertainment Systems*





We
      own a
      50% interest in ICON AeroTV, LLC (“ICON AeroTV”), whose sole purpose was owning
      equipment leased to AeroTV Ltd (“AeroTV”).  On February 13, 2007,
      AeroTV’s customer, the largest scheduled bus line in Europe, terminated its
      service agreement with AeroTV. Shortly thereafter, AeroTV notified our Manager
      of its inability to pay certain rent owed to ICON AeroTV and subsequently filed
      for insolvency protection in the United Kingdom. In February 2007, ICON AeroTV
      sent a notice to AeroTV terminating the Master Lease
      Agreement.  Certain facts came to light that gave our Manager serious
      concerns regarding the propriety of AeroTV's actions during and after the
      execution of the lease with AeroTV. On April 18, 2007 ICON AeroTV filed a
      lawsuit in the United Kingdom’s High Court of Justice, Queen’s Bench Division
      against AeroTV and one of its directors for fraud.  Subsequently, ICON
      AeroTV received a default judgment against the AeroTV director. ICON AeroTV
      is
      currently in the process of registering and executing the judgment.  At
      this time it is not possible to determine the ability to collect the
      judgment.





On
      February 20, 2007, ICON AeroTV wrote off its leased assets with a
      remaining cost basis of approximately $441,000, off-setting the loss was
      the recognition of the relinquished security deposit and deferred income of
      approximately $288,000, resulting in a loss of approximately $153,000. During
      March 2007, ICON AeroTV collected approximately $218,000 of the remaining rent
      balance.  In April 2007, all the remaining amounts previously
      contributed to ICON AeroTV for the purchase of on board digital audio/visual
      systems were returned to us and ICON Leasing Fund Eleven, LLC (“Fund Eleven”),
      which amount together with accrued interest was approximately
      $5,215,000.





**Results
      of Operations for the Three Months Ended June 30, 2007 (the “2007 Quarter”) and
      2006 (the “2006 Quarter”)**





Revenue
      for the 2007 and 2006 Quarters are summarized as follows:





Three
                Months Ended
              June
                30,2007
            
            
            2006
            
            
            ChangeTotal
                revenue
            
            $
            8,361,934
            
            
            $
            7,425,332
            
            
            $
            936,602Rental
                income
            
            
            7,109,323
            
            
            
            6,850,602
            
            
            
            258,721Finance
                income
            
            
            676,194
            
            
            
            -
            
            
            
            676,194Income
                from investments in joint ventures
            
            
            150,914
            
            
            
            425,955
            
            
            
            (275,041
            )Net
                gain on sales of equipment
            
            
            32,814
            
            
            
            (6,422
            )
            
            
            39,236Net
                gain on foreign currency transactions
            
            
            325,267
            
            
            
            -
            
            
            
            325,267Interest
                and other income
            
            
            67,422
            
            
            
            155,197
            
            
            
            (87,775
            )





Total
      revenue for the 2007 Quarter increased by $936,602, or 12.6%, as compared to
      the
      2006 Quarter. This increase was primarily attributable to rental and finance
      income from our leased equipment and net gain on foreign currency transactions
      related to changes in exchange rates in the United Kingdom, partially offset
      by
      a decrease in income from investments in joint ventures and interest and other
      income. During quarter ended September 30, 2006, we purchased Anchor and ICON
      Global Crossing II, which account for approximately $1,222,000 of additional
      rental income during the 2007 Quarter. The increase was partially offset by
      the
      July 2006 lease with Premier Telecom that was reclassified to a direct finance
      lease and accounted for approximately $653,000 of the offsetting decrease in
      rental income and the March 2007 lease with GEICO expired, which accounted
      for a
      decrease in rental income of approximately $374,000 during the 2007 Quarter.
      The
      increase in the net gain on foreign currency transactions was due to
      approximately $11,679,000 of distributions made from our Premier LLC, ICON
      AeroTV and ICON EAM LLC joint ventures into our pound sterling bank accounts
      in
      the United Kingdom as well as an increase of approximately 10% in foreign
      exchange rates during the 2007 Quarter as compared to 2006 Quarter. The decrease
      in income from investments in joint ventures primarily relates to the
      termination of the leases with AeroTV and FedEx, resulting in a decrease of
      approximately $250,000. The decrease in interest income was the direct result
      of
      the increased investment in operating and finance leases discussed above during
      the 2007 Quarter as compared to the 2006 Quarter.






16
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Expenses
      for the 2007 and 2006 Quarters are summarized as follows:





Three
                Months Ended
              June
                30,2007
            
            
            2006
            
            
            ChangeTotal
                expenses
            
            $
            7,041,726
            
            
            $
            7,807,072
            
            
            $
            (765,346
            )Depreciation
                and amortization
            
            
            5,592,407
            
            
            
            6,294,050
            
            
            
            (701,643
            )Interest
            
            
            529,139
            
            
            
            730,235
            
            
            
            (201,096
            )Management
                fees - Manager
            
            
            463,904
            
            
            
            449,573
            
            
            
            14,331Administrative
                expense reimbursements - Manager
            
            
            180,746
            
            
            
            217,430
            
            
            
            (36,684
            )General
                and administrative
            
            
            182,507
            
            
            
            105,242
            
            
            
            77,265Minority
                interest
            
            
            93,023
            
            
            
            10,542
            
            
            
            82,481




Total
      expenses for the 2007 Quarter decreased by $765,346, or 9.8%, as compared to
      the
      2006 Quarter, primarily due to lower depreciation and amortization and interest
      expense, that was partially offset by an increase in minority interest and
      general and administrative expenses. The decrease in depreciation and
      amortization expense was caused by the reclassification of the Premier Telecom
      lease in July 2006 to a direct finance lease and the GEICO lease expiring during
      March 2007, partially offset by our acquisitions during the quarter ended
      September 30, 2006 of ICON Global Crossing II and Anchor. The decrease in
      interest expense was due to the continued reduction of our non-recourse debt
      on
      the three ZIM vessels, two of which were purchased in June 2004 and the third
      in
      January 2005. The increase in minority interest expense was due to two of our
      affiliate’s investment in ICON Global Crossing II during 2006. The increase in
      general and administrative expenses was due to increased professional fees,
      state taxes and commissions from increased investment in leased assets and
      fees
      to an unrelated third party for financing costs.





*Net
      Income (Loss)*





As
      a
      result of the foregoing factors, the net income for the 2007 Quarter was
      $1,320,208 as compared to the net loss for the 2006 Quarter of $381,740. The
      net
      income per weighted average number of additional members’ shares outstanding for
      the 2007 Quarter was $8.79 as compared to the net loss per weighted average
      number of additional members’ shares outstanding for the 2006 Quarter of
      $2.54.





**Results
      of Operations for the Six Months Ended June 30, 2007 (the “2007 Period”) and
      2006 (the “2006 Period”)**





Revenue
      for the 2007 and 2006 Periods are summarized as follows:





Six Months
                Ended
              June
                30,2007
            
            
            2006
            
            
            ChangeTotal
                revenue
            
            $
            16,915,800
            
            
            $
            14,443,513
            
            
            $
            2,472,287Rental
                income
            
            
            14,547,609
            
            
            
            13,402,503
            
            
            
            1,145,106Finance
                income
            
            
            1,358,145
            
            
            
            -
            
            
            
            1,358,145Income
                from investments in joint ventures
            
            
            376,791
            
            
            
            702,185
            
            
            
            (325,394
            )Net
                gain on sales of equipment
            
            
            150,879
            
            
            
            (3,696
            )
            
            
            154,575Net
                gain on foreign currency transactions
            
            
            328,228
            
            
            
            26,713
            
            
            
            301,515Interest
                and other income
            
            
            154,148
            
            
            
            315,808
            
            
            
            (161,660
            )






17
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          of Contents*





Total
      revenue for the 2007 Period increased by $2,472,287, or 17.1%, as compared
      to
      the 2006 Period. This increase was primarily attributable to rental and finance
      income from our leased equipment. During the quarter ended September 30, 2006,
      we purchased Anchor and ICON Global Crossing II, which account for approximately
      $2,444,000 of additional rental income during the 2007 Period. The increase
      was
      partially offset by the Premier Telecom lease that was reclassified to a direct
      finance lease in July 2006, representing all of our finance income for the
      2007
      Period and accounting for approximately $1,074,000 of the offsetting decrease
      in
      rental income. Our lease with GEICO expired in March 2007 and accounted for
      a
      decrease in rental income of approximately $367,000 during the 2007 Period.
      The
      increase in the net gain on foreign currency transactions was due to
      approximately $12,595,000 of distributions made from our Premier LLC, ICON
      AeroTV and ICON EAM LLC joint ventures into our pound sterling bank accounts
      in
      the United Kingdom as well as an increase of approximately 10% in foreign
      exchange rates during the 2007 Period as compared to 2006 Period. The increase
      in the net gain on sales of equipment was primarily due to an increased number
      of sales of the Summit Asset Management, Ltd. Leases (portfolio of short term
      leases) that came to term during the 2007 Period of approximately $131,000
      as
      well as a loss on the sale of a portion of the equipment on lease to PW
      Supermarkets of approximately $24,000. The decrease in income from investments
      in joint ventures relates to the termination of the leases with AeroTV and
      FedEx, resulting in a decrease of approximately $218,000. The decrease in
      interest income is the direct result of the increased investment in operating
      and finance leases discussed above during the 2007 Period as compared to the
      2006 Period.





Expenses
      for the 2007 and 2006 Periods are summarized as follows:





Six
                Months Ended
              June
                30,2007
            
            
            2006
            
            
            ChangeTotal
                expenses
            
            $
            15,319,325
            
            
            $
            15,865,158
            
            
            $
            (545,833
            )Depreciation
                and amortization
            
            
            11,962,850
            
            
            
            12,596,836
            
            
            
            (633,986
            )Interest
            
            
            1,114,918
            
            
            
            1,564,437
            
            
            
            (449,519
            )Management
                fees - Manager
            
            
            1,052,264
            
            
            
            897,410
            
            
            
            154,854Administrative
                expense reimbursements - Manager
            
            
            391,283
            
            
            
            504,761
            
            
            
            (113,478
            )General
                and administrative
            
            
            640,984
            
            
            
            280,078
            
            
            
            360,906Minority
                interest
            
            
            157,026
            
            
            
            21,636
            
            
            
            135,390





Total
      expenses for the 2007 Period decreased by $545,833, or 3.4%, as compared to
      the
      2006 Period, primarily due to lower depreciation and amortization and interest
      expense, that was partially offset by an increase in minority interest and
      general and administrative expenses. The decrease in depreciation and
      amortization expense was caused by the reclassification of the Premier Telecom
      lease in July 2006 to a direct finance lease and the GEICO lease expiring during
      March 2007, partially offset by our acquisitions during the quarter ended
      September 30, 2006 of ICON Global Crossing II and Anchor. The decrease in
      interest expense was due to the continued reduction of our non-recourse debt
      on
      the three ZIM vessels, two of which were purchased in June 2004 and the third
      in
      January 2005. The overall increase in Management fees-Manager is a result of
      our
      acquisitions during the quarter ended September 30, 2006 of ICON Global Crossing
      II and Anchor, offset partially by the expiration of our lease with Geico in
      March 2007. The overall decrease in administrative expense
      reimbursements-Manager relates to decreased investment activity. We had no
      additional investments in leased assets during the period ended June 30, 2007.
      The increase in minority interest expense was due to two of our affiliate’s
      investment in ICON Global Crossing II during 2006. The increase in general
      and
      administrative expenses was due to increased professional fees, state taxes
      and
      commissions from increased investment in leased assets and fees to an unrelated
      third party for financing costs.








18
 *Table
          of Contents*








*Net
      Income (Loss)*





As
      a
      result of the foregoing factors, the net income for the 2007 Period was
      $1,596,475 as compared to the net loss for 2006 Period of $1,421,645. The net
      income per weighted average number of additional members’ shares outstanding for
      the 2007 Period was $10.63 as compared to the net loss per weighted average
      number of additional members’ shares outstanding for the 2006 Period of
      $9.44.




**Liquidity
        and Capital Resources******





*Sources
      and Uses of Cash*





At
      June
      30, 2007 and 2006, we had cash and cash equivalents of $18,594,398 and
      $19,678,511, respectively. For the six months ended June 30, 2007 and 2006,
      our
      main source of cash has been from operating and investing activities, which
      we
      expect to continue throughout the entire operating period. For the six months
      ended June 30, 2007 and 2006, our main use of cash was from financing
      activities, which we anticipate will continue during the entire operating
      period.





*Operating
      Activities*







*Sources
      of cash*




Our
      main
      source of cash from operating activities for the six months ended June 30,
      2007
      and 2006 was the collection of non-financed receivables from operating and
      direct finance leases of approximately $7,419,000 (primarily relating to the
      Premier LLC, ICON Global Crossing II, Rite Aid, CompUSA, Anchor, Summit Asset
      Management Limited and ICON GeicJV leases) and $4,783,000 (primarily relating
      to
      the Premier LLC, ICON GeicJV, CompUSA, PW Supermarkets, Summit Asset Management
      Limited and Rite Aid leases), respectively. These transactions provided us
      with
      approximately $8,217,000 and $1,667,000, respectively, of net cash from
      operating activities.





*Investing
      Activities*





*Sources
      of cash*




Our
      sources of cash from investing activities during the six months ended June
      30,
      2007 consisted of proceeds from the sales of equipment of approximately $767,000
      (which consisted of the proceeds received from the sale of short-term portfolio
      leased assets coming to term and the sale of information technology equipment)
      and approximately $11,186,000 in distributions from joint ventures (which we
      received from our ICON Global Crossing, ICON EAM, LLC, ICON AeroTV and Aircraft
      46837 joint ventures).





Our
      sources of cash from investing activities during the six months ended June
      30,
      2006 consisted of proceeds from the sales of equipment of approximately
      $2,406,000 (which consisted of the proceeds received from the sale of Air
      Atlanta aircraft rotables and the sale of short-term portfolio leased assets
      coming to term), approximately $772,000 in distributions from our ICON Global
      Crossing joint venture, approximately $734,000 from cash transfers from
      restricted cash relating to the closing of the Premier LLC escrow
      account.







*Uses
      of cash*




Our
      primary uses of cash from investing activities during the six months ended
      June
      30, 2006 were approximately $3,072,000 relating to the acquisitions of Premier
      LLC and equipment on lease to Saturn Corporation.






19
 *Table
          of Contents*





*Financing
      Activities*





*Uses
      of cash*




Our
      uses
      of cash from financing activities during the six months ended June 30, 2007
      were
      cash distributions paid to our members of approximately $6,458,000 and
      approximately $697,000 for the distributions to minority interest holders in
      joint ventures (which were paid from our ICON Global Crossing II and ICON GeicJV
      joint ventures).







Our
      uses
      of cash from financing activities during the six months ended June 30, 2006
      were
      cash distributions paid to our members of approximately $6,472,000 and $240,000
      for the distributions to minority interest holders in joint ventures (which
      were
      paid from our ICON Global Crossing II and ICON GeicJV joint
      ventures).





*Financings
      and Borrowings*





On
      August
      31, 2005, we, together with certain of our affiliates (entities sponsored and
      organized by our Manager), ICON Income Fund Eight B L.P., Fund Nine and Fund
      Eleven (collectively, the "Borrowers") entered into a Commercial Loan Agreement
      (the "Agreement"), with California Bank & Trust (the
“Lender”).  The Agreement provides for a revolving line of credit of
      up to $17,000,000 pursuant to a senior secured revolving loan facility (the
      "Facility") which is secured by all assets of the Borrowers not subject to
      a
      first priority lien, as defined in the Agreement. Each of the Borrowers is
      jointly and severally liable for all amounts borrowed under the Facility.
      Amounts available under the Facility are subject to a borrowing base that is
      determined, subject to certain limitations, on the present value of the future
      receivables under certain lease agreements in which the Borrowers have a
      beneficial interest.





As
      part
      of the Agreement, the Borrowers are required to comply with certain financial
      covenants, including, a minimum debt coverage ratio, a tangible net worth
      covenant, a leverage ratio and a minimum liquidity covenant. The Borrowers
      are
      in compliance with these covenants at June 30, 2007. The Agreement prohibits
      the
      Borrowers from declaring or paying any distribution to investors if such a
      payment would cause the Borrowers to become non-compliant with the financial
      covenants in the Agreement.





In
      addition, on August 31, 2005, the Borrowers entered into a Contribution
      Agreement (the "Contribution Agreement") pursuant to which the Borrowers agreed
      to certain restrictions on the amounts and terms of their respective borrowings
      under the Facility in order to minimize the risk that a Borrower would be unable
      to repay its portion of the outstanding obligations under the Facility at any
      time. These restrictions include, but are not limited to, borrowing in excess
      of
      the lesser of (a) an amount each Borrower could reasonably expect to repay
      in
      one year from its projected free cash flow, or (b) the greater of (i) the
      borrowing base, as defined in the Agreement, as applied to such and (ii) 50%
      of
      the net worth of such Borrower. The Contribution Agreement also provides that,
      in the event a Borrower pays an amount under the Contribution Agreement in
      excess of its share of the total obligations under the Facility, whether by
      reason of an event of default or otherwise, the other Borrowers will immediately
      make a contribution payment to such Borrower and in such amount that the
      aggregate amount paid by each Borrower reflects its allocable share of the
      aggregate obligations under the Facility. The Borrowers' obligations to each
      other under the Contribution Agreement are collateralized by a subordinate
      lien
      on the assets of each Borrower. The Borrowers are in compliance with the
      Contribution Agreement at June 30, 2007 and no amounts are due to or payable
      by
      us under the Contribution Agreement.





On
      December 26, 2006, the Borrowers entered into a Loan Modification Agreement
      (the
“Loan Modification”) to the Agreement. The changes to the Agreement are an
      extension of the Facility from August 31, 2007 to September 30, 2008 and the
      lowering of (i) the interest rate for advances under the Facility from the
      Lender’s prime rate plus 0.25% to the Lender’s prime rate and (ii) the interest
      rate on the five separate advances that are permitted to be made under the
      Facility at the rate at which United States dollar deposits can be acquired
      by
      the Lender in the London Interbank Eurocurrency Market (the “LIBOR Rate”) plus
      2.75% per year to the LIBOR Rate plus 2.5% per year. In addition, pursuant
      to
      the terms of the Loan Modification, the Borrowers no longer have to maintain
      a
      cash reserve. The interest rate at June 30, 2007 was 8.25%.






20
 *Table
          of Contents*





On
      June
      20, 2007, the Loan Agreement, the Contribution Agreement and the Loan
      Modification were modified so that ICON Leasing Fund Twelve, LLC (“Fund Twelve”)
      became a permitted borrower. Although Fund Twelve does not have any outstanding
      borrowings under the Facility, as a result of its entry into the Loan
      Modification, it is jointly and severally liable for the outstanding
      balance.





Aggregate
      borrowings by all Borrowers under the Facility amounted to $6,755,000 at June
      30, 2007.  We currently have no borrowings under the
      Facility.





Our
      Manager believes that with the cash we have currently available and with the
      cash being generated from our leases, we have sufficient cash to continue our
      operations into the foreseeable future. We have the ability to borrow funds
      under the Facility if necessary. However, our ability to generate cash in the
      future is subject to general economic, financial, competitive, regulatory and
      other factors that affect our lessees’ business that are beyond our
      control.  See “Part II, Item 1A.  Risk
      Factors.”





*Distributions*





We
      pay
      monthly distributions to our members beginning with the first month after the
      members’ admission through the termination of the operating period, which we
      currently anticipate will be on April 4, 2010. We paid distributions to our
      additional members totaling $6,392,913 and $6,407,708, respectively, for the
      six
      months ended June 30, 2007 and 2006. Additionally, our Manager was paid
      distributions of $64,575, and $64,724, respectively, for the six months ended
      June 30, 2007 and 2006.





**Contractual
      Obligations and Commitments and Off Balance Sheet
      Transactions**





Our
      contractual obligations and commitments have not changed materially from the
      amounts disclosed in our Annual Report on Form 10-K for the year ended December
      31, 2006.  We do not have any off balance sheet
      transactions.





**Item
      3. Quantitative and Qualitative Disclosures About Market
      Risk**





We,
      like
      most other companies, are exposed to certain market risks, which include changes
      in interest rates and the demand for equipment (and the related residuals)
      owned
      by us.  We believe that our exposure to other market risks, including
      foreign currency exchange rate risk, commodity risk and equity price risk,
      are
      insignificant, at this time, to both our financial position and our results
      of
      operations.  There were no other material changes to the disclosure
      related to these items since the filing of our Annual Report on Form 10-K for
      the year ended December 31, 2006.





**Item
      4. Controls and Procedures**





*Evaluation
      of disclosure controls and procedures*





In
      connection with the preparation of this Quarterly Report on Form 10-Q for the
      period ended June 30, 2007, as well as the condensed consolidated financial
      statements and Quarterly Reports on Form 10-Q for the period ended June 30,
      2007
      for our affiliates, our Manager carried out an evaluation, under the supervision
      and with the participation of the management of our Manager, including its
      Chief
      Executive Officer and the Principal Financial and Accounting Officer, of the
      effectiveness of the design and operation of our Manager’s disclosure controls
      and procedures as of the end of the period covered by this report pursuant
      to
      the Securities Exchange Act of 1934. Based on the foregoing evaluation, except
      as noted below, the Chief Executive Officer and the Principal Financial and
      Accounting Officer concluded that our Manager’s disclosure controls and
      procedures were effective.






21
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          of Contents*





While
      evaluating our Manager’s disclosure controls and procedures, our Manager
      recognized that greater internal controls were needed to aid in a more efficient
      closing of our financial statements, thereby requiring our Manager to hire
      additional skilled accounting staff. In response, our Manager hired several
      additional accounting staff members who are certified public accountants and/or
      are experienced with public reporting entities, including three additional
      senior accountants with more than 16, 10 and 9 years, respectively, of
      experience with public reporting entities, the most senior of those accountants
      having assumed the responsibilities of the senior vice president of accounting.
      Our Manager will continue to evaluate its disclosure controls and procedures
      to
      determine their effectiveness and adequacy and will take the steps necessary,
      in
      our Manager’s opinion, to ensure the adequacy of our Manager’s disclosure
      controls and procedures.





In
      designing and evaluating our Manager’s disclosure controls and procedures, our
      Manager recognized that disclosure controls and procedures, no matter how well
      conceived and operated, can provide only reasonable, not absolute, assurance
      that the objectives of the disclosure controls and procedures are met.  Our
      Manager’s disclosure controls and procedures have been designed to meet
      reasonable assurance standards. Disclosure controls and procedures cannot detect
      or prevent all error and fraud. Some inherent limitations in disclosure controls
      and procedures include costs of implementation, faulty decision-making, simple
      error and mistake. Additionally, controls can be circumvented by the individual
      acts of some persons, by collusion of two or more people, or by management
      override of the controls. The design of any system of controls is based, in
      part, upon certain assumptions about the likelihood of future events, and there
      can be no assurance that any design will succeed in achieving its stated goals
      under all anticipated and unanticipated future conditions. Over time, controls
      may become inadequate because of changes in conditions, or the degree of
      compliance with established policies or procedures.





Our
      Manager’s Chief Executive Officer and Principal Financial and Accounting Officer
      have determined that no weakness in disclosure controls and procedures had
      any
      material effect on the accuracy and completeness of our financial reporting
      and
      disclosure included in this report.








22
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          of Contents*






**PART
      II - OTHER INFORMATION**





**Item
      1.  Legal Proceedings**





In
      the
      ordinary course of conducting our business, there may be certain claims, suits
      and complaints filed against us.  In the opinion of management, the
      outcome of such matters, if any, will not have a material impact on our
      consolidated financial position or results of operations.  No material
      legal proceedings are currently pending or threatened, to our knowledge, against
      us or against any of our assets.





**Item
      1A. Risk Factors**





There
      have been no material changes from the risk factors disclosed in “Item 1A. Risk
      Factors” of our Annual Report on Form 10-K for the year ended December 31,
      2006.





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





Our
      Manager consented to us redeeming 127 additional member shares during the 2007
      Period. The redemption amounts are calculated according to a specified
      redemption formula in accordance with the LLC agreement.  Redeemed
      shares have no voting rights and do not share in distributions.  The
      LLC agreement limits the number of shares which can be redeemed in any one
      year
      and redeemed shares may not be reissued. The following table details our
      additional member redemptions:





Total
                Number ofAdditional
                Member
            
            
            Price
                  Paid PerAdditionalShares
                Redeemed
            
            
            Member
              SharesJanuary
                1, 2007 through January 31, 2007
            
            
            40
            
            
            $
            851.84February
                1, 2007 through February 28, 2007
            
            
            23
            
            
            $
            822.51March
                1, 2007 through March 31, 2007
            
            
            8
            
            
            $
            827.51April
                1, 2007 through April 30, 2007
            
            
            -
            
            
            $
            -May
                1, 2007 through May 31, 2007
            
            
            31
            
            
            $
            894.95June
                1, 2007 through June 30, 2007
            
            
            25
            
            
            $
            832.93








**Item
      3.  Defaults Upon Senior
      Securities**





Not
      applicable.





**Item
      4.  Submission of Matters to a Vote of Security
      Holders**





No
      matters were submitted to a vote of security holders during the 2007
      Quarter.





**Item
      5.  Other Information**





Not
      applicable.





**Item
      6. Exhibits**





31.1
            Rule
                13a-14(a)/15d-14(a) certifications.31.2
            Rule
                13a-14(a)/15d-14(a) certifications.32.1
            Certification
                pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the
                Sarbanes-Oxley Act of 2002.32.2
            Certification
                pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the
                Sarbanes-Oxley Act of 2002.




23
 *Table
          of Contents*


**SIGNATURES**





Pursuant
      to the requirements of Section 13 or 15(d) of the Securities Exchange Act of
      1934, the LLC has duly caused this report to be signed on its behalf by the
      undersigned, thereunto duly authorized.





ICON
      Income Fund Ten, LLC File No. 000-50654 (Registrant) by its Manager, ICON
      Capital Corp.





*Dated:
      August 10, 2007*





*/s/
      Thomas W. Martin*


Thomas
      W.
      Martin


Chairman,
      Chief Executive Officer and President of the Manager


(Principal
      Executive Officer)


ICON
      Capital Corp.


Manager
      of ICON Income Fund Ten, LLC








*Dated:
      August 10, 2007*





*/s/Michael A. Reisner*


Michael
      A. Reisner


Director,
      Executive Vice President and Chief Financial Officer of the
      Manager


(Principal
      Financial and Accounting Officer)


ICON
      Capital Corp.


Manager
      of ICON Income Fund Ten, LLC







24