**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
            **March
                31, 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, 4****th****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 April 30,
      2007
      is 148,659.















ICON
                Income Fund Ten, LLC
              Table
                of ContentsPART
                I - FINANCIAL INFORMATION
            PageItem
                1. Condensed Consolidated Financial
                StatementsCondensed
                Consolidated Balance Sheets at March 31, 2007
                (Unaudited)and
                December 31, 2006
            1Condensed
                Consolidated Statements of Operations for the
                ThreeMonthsEnded
                March 31, 2007 and 2006 (Unaudited)
            2Condensed
                  Consolidated Statement of Changes in Members’ Equity for theYear
                  EndedDecember
                31, 2006 and for the Three Months Ended March
                31, 2007 (Unaudited)
            3Condensed
                Consolidated Statements of Cash Flows for
                the Three MonthsEnded
                March 31, 2007 and 2006
                (Unaudited)
            4Notes
                to Condensed Consolidated Financial Statements
                (Unaudited)
            6Item
                2. Manager’s Discussion and Analysis of Financial
                Condition andResults
                of Operations
            13Item
                3. Quantitative and Qualitative Disclosures About
                Market Risk
            19Item
                4. Controls and Procedures
            19PART
                II - OTHER INFORMATIONItem
                1. Legal Proceedings
            
            20Item
                1A. Risk Factors
            
            20Item
                2. Unregistered Sales of Equity Securities and Use of
                Proceeds
            20Item
                3. Defaults Upon Senior
                Securities
            20Item
                4. Submission of Matters to a Vote of Security
                Holders
            20Item
                5. Other Information
            
            20Item
                6. Exhibits
            
            20Signatures
            
            21







*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 SheetsASSETS(Unaudited)March
                31,
            
            December
                31,2007
            
            2006Cash
                and cash equivalents
            
            $
            7,210,537
            
            $
            5,685,688Investments
                in finance leases:Minimum
                rents receivable
            
            
            22,069,465
            
            
            22,975,426Estimated
                unguaranteed residual values
            
            
            2,164,364
            
            
            2,160,615Initial
                direct costs, net
            
            
            170,977
            
            
            182,049Unearned
                income
            
            
            (10,236,830
            )
            
            (10,899,809
            )Net
                investments in finance leases
            
            
            14,167,976
            
            
            14,418,281Investments
                in operating leases:Equipment,
                at cost
            
            
            139,893,542
            
            
            145,214,350Accumulated
                depreciation
            
            
            (46,527,225
            )
            
            (45,418,818
            )Net
                investments in operating leases
            
            
            93,366,317
            
            
            99,795,532Investments
                in joint ventures
            
            
            15,908,962
            
            
            17,024,799Investments
                in unguaranteed residual values
            
            
            1,984,433
            
            
            2,409,009Equipment
                held for sale or lease, net
            
            
            663,612
            
            
            17,500Interest
                rate swap contracts
            
            
            589,716
            
            
            754,521Restricted
                cash
            
            
            1,464,000
            
            
            1,464,000Prepaid
                service fees, net
            
            
            413,772
            
            
            1,024,155Other
                assets, net
            
            
            1,643,284
            
            
            2,912,372Total
                assets
            
            $
            137,412,609
            
            $
            145,505,857LIABILITIES
                AND MEMBERS' EQUITYLiabilities:Notes
                payable - non-recourse
            
            $
            41,969,089
            
            $
            45,769,691Accounts
                payable and other liabilities
            
            
            401,193
            
            
            509,945Deferred
                rental income
            
            
            1,050,860
            
            
            1,355,712Due
                to Manager, net
            
            
            22,772
            
            
            60,271Minority
                interest
            
            
            3,702,580
            
            
            4,039,195Total
                liabilities
            
            
            47,146,494
            
            
            51,734,814Commitments
                and ContingenciesMembers'
                equity:Manager
                (one share outstanding, $1,000 per share original issue price)
            
            
            (431,366
            )
            
            (401,837
            )Additional
                Members (148,659 and 148,730 shares outstanding,$1,000
                per share original issue price)
            
            
            87,598,096
            
            
            90,581,159Accumulated
                other comprehensive income
            
            
            3,099,385
            
            
            3,591,721Total
                members' equity
            
            
            90,266,115
            
            
            93,771,043Total
                liabilities and members' equity
            
            $
            137,412,609
            
            $
            145,505,857





See
        accompanying notes to condensed consolidated financial
        statements.


1
 *Table
          of Contents*






ICON
                Income Fund Ten, LLC(A
                Delaware Limited Liability Company)Condensed
                Consolidated Statements of OperationsThree
                Months Ended March 31,(Unaudited)2007
            
            2006Revenue:Rental
                income
            
            $
            7,438,286
            
            $
            6,551,901Finance
                income
            
            
            681,951
            
            
            -Income
                from investments in joint ventures
            
            
            225,877
            
            
            276,230Net
                gain on sales of equipment
            
            
            118,065
            
            
            2,726Interest
                and other income
            
            
            89,687
            
            
            187,324Total
                revenue
            
            
            8,553,866
            
            
            7,018,181Expenses:Depreciation
                and amortization
            
            
            6,370,443
            
            
            6,302,786Interest
            
            
            585,779
            
            
            834,202Management
                fees - Manager
            
            
            588,360
            
            
            447,837Administrative
                expense reimbursements - Manager
            
            
            210,537
            
            
            287,331General
                and administrative
            
            
            458,477
            
            
            174,836Minority
                interest
            
            
            64,003
            
            
            11,094Total
                expenses
            
            
            8,277,599
            
            
            8,058,086Net
                income (loss)
            
            $
            276,267
            
            $
            (1,039,905
            )Net
                income (loss) allocable to:Additional
                Members
            
            $
            273,504
            
            $
            (1,029,506
            )Manager
            
            
            2,763
            
            
            (10,399
            )$
            276,267
            
            $
            (1,039,905
            )Weighted
                average number of additionalmember
                shares outstanding
            
            
            148,683
            
            
            149,065Net
                income (loss) per weighted averageadditional
                member share
            
            $
            1.84
            
            $
            (6.91
            )





See
        accompanying notes to condensed consolidated financial
        statements.


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 Months Ended March
                31,
                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
            
            $
            90,266,115





See
        accompanying notes to condensed consolidated financial
        statements.


3
 *Table
          of Contents*







ICON
                Income Fund Ten, LLC(A
                Delaware Limited Liability Company)Condensed
                Consolidated Statements of Cash FlowsThree
                Months Ended March 31,(Unaudited)2007
            
            2006Cash
                flows from operating activities:Net
                income (loss)
            
            $
            276,267
            
            $
            (1,039,905
            )Adjustments
                to reconcile net income (loss) to net cashprovided
                by operating activities:Rental
                income paid directly to lenders by lessees
            
            
            (4,392,000
            )
            
            (4,392,000
            )Finance
                income
            
            
            (681,951
            )
            
            -Income
                from investments in joint ventures
            
            
            (225,877
            )
            
            (276,230
            )Net
                gain on sales of equipment
            
            
            (118,065
            )
            
            (2,726
            )Net
                gain on foreign currency transactions
            
            
            -
            
            
            -Impairment
                loss
            
            
            -
            
            
            -Depreciation
                and amortization
            
            
            6,370,443
            
            
            6,302,786Interest
                expense on non-recourse financing paid directlyto
                lenders by lessees
            
            
            585,779
            
            
            834,202Minority
                interest
            
            
            64,003
            
            
            11,094Changes
                in operating assets and liabilities:Collection
                of principal - non-financed receivables
            
            
            945,915
            
            
            -Due
                to Manager and affiliates, net
            
            
            266
            
            
            195,730Other
                assets
            
            
            1,266,475
            
            
            (96,063
            )Accounts
                payable and other liabilities
            
            
            (103,132
            )
            
            (996,532
            )Deferred
                rental income
            
            
            (304,852
            )
            
            (42,154
            )Net
                cash provided by operating activities
            
            
            3,683,271
            
            
            498,202Cash
                flows from investing activities:Investments
                in operating leases, net of security deposit assumed
            
            
            -
            
            
            (253,853
            )Proceeds
                from sales of equipment and unguaranteed residual values
            
            
            547,470
            
            
            1,955,354Distributions
                received from joint ventures
            
            
            986,639
            
            
            135,079Restricted
                cash provided
            
            
            -
            
            
            733,792Minority
                interest contribution in joint venture
            
            
            -
            
            
            (35,056
            )Distributions
                to minority interest holders in joint ventures
            
            
            (400,618
            )
            
            (120,682
            )Net
                cash provided by investing activities
            
            
            1,133,491
            
            
            2,414,634Cash
                flows from financing activities:Cash
                distributions to members
            
            
            (3,229,247
            )
            
            (3,237,990
            )Additional
                member shares redeemed
            
            
            (59,612
            )
            
            (165,527
            )Net
                cash used in financing activities
            
            
            (3,288,859
            )
            
            (3,403,517
            )Effects
                of exchange rates on cash and cash equivalents
            
            
            (3,054
            )
            
            (85,621
            )Net
                increase (decrease) in cash and cash equivalents
            
            
            1,524,849
            
            
            (576,302
            )Cash
                and cash equivalents, beginning of the period
            
            
            5,685,688
            
            
            24,242,517Cash
                and cash equivalents, end of the period
            
            $
            7,210,537
            
            $
            23,666,215





See
        accompanying notes to condensed consolidated financial
        statements.


4
 *Table
          of Contents*








ICON
                Income Fund Ten, LLC(A
                Delaware Limited Liability Company)Condensed
                Consolidated Statements of Cash FlowsThree
                Months Ended March 31,(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
            
            $
            4,392,000
            
            $
            4,392,000Transfer
                of investments in lease assets to equipment held forsale
                or lease, net
            
            $
            646,112
            
            $
            -Transfer
                from restricted cash to investments in operating leases
            
            $
            -
            
            $
            1,599,797Sales
                proceeds received by an affiliate for sale of investments inunguaranteed
                residual values
            
            $
            34,003
            
            $
            -Transfer
                from investments in unguaranteed residual values toinvestments
                in operating leases
            
            $
            99,887
            
            $
            48,286





See
        accompanying notes to condensed consolidated financial
        statements.


5
 *Table
          of Contents*




ICON
        Income Fund Ten, LLC
 (A
        Delaware Limited Liability Company)
 Notes
        To
        Condensed Consolidated Financial Statements
 March
        31,
        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% 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
      a dividend. 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 is a Connecticut 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 in 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






6
 *Table
          of Contents*




ICON
        Income Fund Ten, LLC
 (A
        Delaware Limited Liability Company)
 Notes
        To
        Condensed Consolidated Financial Statements
 March
        31,
        2007
 (Unaudited)


(2)  Organization
      - continued





years,
      in
      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”.





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:





(Unaudited)March
                31,
            
            December
                31,2007
            
            2006Containership
                vessels
            
            $
            107,219,708
            
            $
            107,219,708Digital
                mini-labs
            
            
            8,863,740
            
            
            8,863,740Information
                technology equipment
            
            
            706,850
            
            
            6,027,658Phone
                systems
            
            
            18,077,855
            
            
            18,077,855Refrigeration
                equipment
            
            
            720,473
            
            
            720,473Manufacturing
                equipment
            
            
            4,304,916
            
            
            4,304,916139,893,542
            
            
            145,214,350Accumulated
                depreciation
            
            
            (46,527,225
            )
            
            (45,418,818
            )$
            93,366,317
            
            $
            99,795,532








7
 *Table
          of Contents*




ICON
        Income Fund Ten, LLC
 (A
        Delaware Limited Liability Company)
 Notes
        To
        Condensed Consolidated Financial Statements
 March
        31,
        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 the lease for a total cost
      of approximately $5,853,000 in cash.





During
      March 2007, GEICO returned
      equipment with a cost basis of approximately $5,367,000 and extended equipment
      with a cost basis of approximately $486,000, on a month to month lease renewal.
      Of the equipment that was returned, the Manager sold equipment with a net book
      value of approximately $130,000. The LLC realized proceeds of approximately
      $142,000 and recognized a gain of approximately $12,000. The remaining returned
      equipment, which had a net book value of approximately $646,000, was
      reclassified to equipment held for sale or lease, net at March 31,
      2007.





(5)  Joint
      Ventures








ICON
      Global Crossing, LLC




The
      LLC
      had 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. (Global Crossing”). For the period ended March
      31, 2007 and 2006, ICON Global Crossing recorded net income of approximately
      $677,000 and $379,000, respectively. The increase in net income related to
      ICON
      Global Crossing commencing a 48 month lease term with Global Crossing during
      April 1, 2006.






Three
                  Months ended March 31,2007
              
              2006Net
                  income (loss)
              
              $
              676,853
              
              $
              378,851LLC's
                  share of net income
              
              
              207,252
              
              
              166,694





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 has recently filed for insolvency protection in the United Kingdom. Upon
      receiving such notifications, the Manager, in consideration for the forgiveness
      of certain rent, was able to negotiate directly with AeroTV's customer to
      receive lease payments due to ICON AeroTV through the date of termination of
      the
      service agreement between AeroTV and its customer. Certain facts came to light
      that give the Manager serious concerns regarding the propriety of AeroTV's
      actions during and after the execution of the lease with AeroTV. ICON AeroTV
      thoroughly reviewed these facts and circumstances with outside legal counsel. On
      February 20, 2007, ICON AeroTV sent notice to AeroTV, which terminated the
      Master Lease Agreement. 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. The lease was recorded by ICON AeroTV as a finance lease. At
      December 31, 2006, there were approximately $882,000 of minimum rents receivable
      over the remaining life of the lease. During March 2007, ICON AeroTV collected
      approximately $218,000 of the remaining minimum rents receivable balance. As
      a
      result of the foregoing, ICON
      AeroTV has recorded a reserve for the remaining minimum rents receivable balance
      of approximately $664,000 at March 31, 2007.





On
      February 20, 2007, ICON AeroTV disposed of the leased assets with a
      remaining cost basis of approximately $441,000. ICON AeroTV recognized
      the relinquished security deposit and deferred income of approximately
      $288,000 as proceeds from the disposition, which resulted in a loss of
      approximately $153,000. During April 2007, the remaining amounts previously
      contributed to ICON AeroTV by the LLC for the purchase of on-board digital
      audio/visual systems were returned to the LLC and ICON Leasing Fund Eleven,
      LLC
      (“Fund Eleven”) along with accrued interest totaling approximately
      $5,215,000.








8
 *Table
          of Contents*




ICON
        Income Fund Ten, LLC
 (A
        Delaware Limited Liability Company)
 Notes
        To
        Condensed Consolidated Financial Statements
 March
        31,
        2007
 (Unaudited)





(5)  Investments
      in Joint Ventures - continued





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 this 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 in the amount of approximately
      $13,833,000.





(6)  Investment
      in Unguaranteed Residual Values





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 in cash, inclusive of legal costs.





SAM
      receives commissions on transaction and realization proceeds, as defined in
      the participation
      agreement. For the three months ended March 31, 2007, the LLC paid SAM
      approximately $29,000 in
      commissions and realization proceeds, which are included in general and
      administrative expenses in the accompanying condensed consolidated statement
      of
      operations.





During
      the three months ended March 31, 2007, the LLC remarketed certain of its
      investments in unguaranteed residual values with a cost basis of approximately
      $395,000. Of this amount, the LLC realized proceeds of approximately $372,000,
      on sales of its interests in unguaranteed residual values of approximately
      $295,000, and transferred other investments in unguaranteed residual values,
      with a cost basis of approximately $100,000, to investments in operating leases.
      The lease terms expire at various dates through August 2009.





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) in cash. 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.






9
 *Table
          of Contents*




ICON
        Income Fund Ten, LLC
 (A
        Delaware Limited Liability Company)
 Notes
        To
        Condensed Consolidated Financial Statements
 March
        31,
        2007
 (Unaudited)





(6)  Investments
      in Unguaranteed Residual Values - continued





During
      the three months ended March 31, 2007, the LLC remarketed certain of its
      investments in unguaranteed residual values, with a cost basis of approximately
      $30,000. The LLC realized proceeds of approximately $34,000 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., ICON Income Fund
      Nine, LLC and ICON Leasing Fund Eleven, LLC (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
      were
      in compliance with these covenants at March 31, 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 were in compliance with the
      Contribution Agreement at March 31, 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 March 31, 2007 was 8.25%.






10
 *Table
          of Contents*




ICON
        Income Fund Ten, LLC
 (A
        Delaware Limited Liability Company)
 Notes
        To
        Condensed Consolidated Financial Statements
 March
        31,
        2007
 (Unaudited)


(7)  Revolving
      Loan Facility - continued





Aggregate
      borrowings by all Borrowers under the Facility amounted to $6,635,000 at March
      31, 2007. The LLC currently has no borrowings outstanding under the
      Facility.





(8)  Other
      Comprehensive (Loss) Income





Other
      comprehensive (loss) income consists of the following:





Three
                Months EndedMarch
                31,2007
            
            2006Net
                income (loss)
            
            $
            276,267
            
            $
            (1,039,905
            )Other
                comprehensive income (loss):Change
                in valuation of interest rateswap
                contracts
            
            
            (164,805
            )
            
            212,915Change
                in valuation of warrants heldby
                a joint venture
            
            
            (473,681
            )
            
            1,187,520Foreign
                currency translation adjustment
            
            
            146,150
            
            
            202,766Comprehensive
                (loss) income
            
            $
            (216,069
            )
            $
            563,296





(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 approximately $32,000 for the
      three
      months ended March 31, 2007. The Manager’s interest in the LLC’s net income
      (loss) for the three month periods ended March 31, 2007 and 2006 was $2,763
      and
      $(10,399), respectively.







11
 *Table
          of Contents*




ICON
        Income Fund Ten, LLC
 (A
        Delaware Limited Liability Company)
 Notes
        To
        Condensed Consolidated Financial Statements
 March
        31,
        2007
 (Unaudited)


(9)  Transactions
      with Related Parties - continued





Fees
      and
      other expenses paid or accrued by the LLC to the Manager for the three month
      period ended March 31, 2007 and 2006, were as follows:





2007
            
            2006Management
                fees (1)
            
            $
            588,360
            
            $
            447,837Administrative
                expense reimbursements (1)
            
            
            210,537
            
            
            287,331$
            798,897
            
            $
            735,168(1)
                Charged directly to operations.





The
      LLC
      had a net payable of approximately $23,000 due to the Manager at March 31,
      2007.
      The net payable was comprised of a payable due to the Manager relating to
      administrative expense reimbursements accrued and unpaid at March 31, 2007,
      which was partially offset by sales proceeds owed to the LLC from an
      affiliate.





(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.







12
 *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 in conjunction 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.





At
      March
      31, 2007, our current 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.





*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 all the equipment subject
                to
                the three year lease.






13
 *Table
          of Contents*





·
            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.. The equipment is subject to a three year lease
                which
                expires during July 2007.





·
            We
                have a 100% interest in ICON Premier LLC (“Premier LLC”), which purchased
                hospital bedside entertainment and communication terminals 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
      $5,367,000 and extended equipment with a cost basis of approximately $486,000,
      on a month to month lease renewal. Of the equipment that was returned, our
      Manager sold equipment with a net book value of approximately $130,000. We
      realized proceeds of approximately $142,000 and recognized a gain of
      approximately $12,000. The remaining equipment returned, which had a net book
      value of approximately $646,000 was reclassified to equipment held for sale
      or
      lease, net at March 31, 2007.






14
 *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 has recently filed for insolvency protection in the United Kingdom. Upon
      receiving such notifications, our Manager, in consideration for the forgiveness
      of certain rent, was able to negotiate directly with AeroTV's customer to
      receive lease payments due to ICON AeroTV through the date of termination of
      the
      service agreement between AeroTV and its customer. Certain facts came to light
      that give our Manager serious concerns regarding the propriety of AeroTV's
      actions during and after the execution of the lease with AeroTV. ICON AeroTV
      thoroughly reviewed these facts and circumstances with outside legal counsel. On
      February 20, 2007, ICON AeroTV sent notice to AeroTV, which terminated the
      Master Lease Agreement. 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. The lease was recorded by ICON AeroTV as a finance lease. At
      December 31, 2006, there were approximately $882,000 of minimum rents receivable
      over the remaining life of the lease. During March 2007, ICON AeroTV collected
      approximately $218,000 of the remaining minimum rents receivable balance. As
      a
      result of the foregoing, ICON
      AeroTV has recorded a reserve for the remaining minimum rents receivable balance
      of approximately $664,000 at March 31, 2007.





On
      February 20, 2007, ICON AeroTV disposed of the leased assets with a
      remaining cost basis of approximately $441,000.  ICON
      AeroTV recognized the relinquished security deposit and deferred
      income of approximately $288,000. As proceeds from the
      dispostion, which resulted in a loss of approximately $153,000. During
      April 2007, the remaining amounts previously contributed to ICON AeroTV by
      us for the purchase of on-board digital audio/visual systems were returned
      to us
      and ICON Leasing Fund Eleven, LLC (“Fund Eleven”) along with accrued
      interest totaling approximately $5,215,000.





On
      March
      30, 2007, ICON Aircraft 46837 LLC (“Aircraft 46837”) sold the aircraft on lease
      to FedEx for $4,260,000. The final lease payment was paid to the lender,
      satisfying all remaining debt obligations. Aircraft 46837 realized a loss of
      approximately $920,000 as a result of the sale of the aircraft.





**Results
      of Operations for the Three Months Ended March 31, 2007 (the “2007 Quarter”) and
      2006 (the “2006 Quarter”)**





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





Three
                Months Ended March 31,2007
            
            2006
            
            ChangeTotal
                revenue
            
            $
            8,553,866
            
            $
            7,018,181
            
            $
            1,535,685Rental
                income
            
            
            7,438,286
            
            
            6,551,901
            
            
            886,385Finance
                income
            
            
            681,951
            
            
            -
            
            
            681,951Income
                from investments in joint ventures
            
            
            225,877
            
            
            276,230
            
            
            (50,353
            )Net
                gain on sales of equipment
            
            
            118,065
            
            
            2,726
            
            
            115,339Interest
                and other income
            
            
            89,687
            
            
            187,324
            
            
            (97,637
            )





Total
      revenue for the 2007 Quarter increased by $1,535,685, or 21.9%, as compared
      to
      the 2006 Quarter. This increase was primarily attributable to rental and finance
      income from our leased equipment and net gain on sales of equipment related
      to
      our investments in unguaranteed residual values, offset by a decrease in income
      from investments in joint ventures and interest income. During the third quarter
      2006, we purchased Anchor and ICON Global Crossing II, which account for
      approximately $1,200,000 of additional rental income during the 2007 Quarter.
      Also during July 2006, the lease with Premier Telecom was reclassified to a
      direct finance lease, accounting for all our finance income for the 2007 Quarter
      and accounting for an offsetting decrease in rental income of approximately
      $421,000. The increase in the net gain on sales of equipment was 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 Quarter. The decrease
      in
      income from investments in joint ventures relates to the termination of the
      lease with AeroTV, resulting in a decrease of approximately $75,000, offset
      by
      increase of approximately $41,000 from ICON Global Crossing which commenced
      its
      lease term in April 2006. The decrease in interest income is the direct result
      of the increased investment in operating and finance leases discussed above
      and,
      as a result the consolidated cash balance decreased approximately $16,456,000
      during the 2007 Quarter as compared to the 2006 Quarter.






15
 *Table
          of Contents*





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





Three
                Months Ended March 31,2007
            
            2006
            
            ChangeTotal
                expenses
            
            $
            8,277,599
            
            $
            8,058,086
            
            $
            219,513Depreciation
                and amortization
            
            
            6,370,443
            
            
            6,302,786
            
            
            67,657Interest
            
            
            585,779
            
            
            834,202
            
            
            (248,423
            )Management
                fees - Manager
            
            
            588,360
            
            
            447,837
            
            
            140,523Administrative
                expense reimbursements - Manager
            
            
            210,537
            
            
            287,331
            
            
            (76,794
            )General
                and administrative
            
            
            458,477
            
            
            174,836
            
            
            283,641Minority
                interest
            
            
            64,003
            
            
            11,094
            
            
            52,909





Total
      expenses for the 2007 Quarter increased by $219,513, or 2.7%, as compared to
      the
      2006 Quarter, primarily due to the increased lease activity as discussed above.
      The increase in depreciation and amortization expense was directly caused by
      the
      increased investment in operating leases offset by the reclassification of
      the
      Premier Telecom lease to a direct finance lease. 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 the
      increased investment in leased assets. The overall decrease in Administrative
      expense reimbursements-Manager relates to decreased investment activity. We
      had
      no additional investments in leased assets during the quarter ended March 31,
      2007. 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
      Loss*





As
      a
      result of the foregoing factors, the net income for the 2007 Quarter was
      $276,267 as compared to the net loss for 2006 Quarter of $1,039,905. The net
      income per weighted average number of additional members’ shares outstanding for
      the 2007 Quarter was $1.84 as compared to the net loss per weighted average
      number of additional members’ shares outstanding for the 2006 Quarter of
      $6.91.





**Liquidity
      and Capital Resources** **





*Sources
      and Uses of Cash*





At
      March
      31, 2007 and 2006, we had cash and cash equivalents of $7,210,537 and
      $23,666,215, respectively. During the three months ended March 31, 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. During
      the
      three months ended March 31, 2007 and 2006, our main use of cash was from
      financing activities, which we anticipate will continue during the entire
      operating period.  In addition in April 2007, we received approximately
      $9,524,000 from our investment in ICON AeroTV and ICON EAM LLC. We are in the
      process of reinvesting the funds.







16
 *Table
          of Contents*






Operating
      Activities




*Sources
      of cash*




Our
      main
      source of cash from operating activities for the three months ended March 31,
      2007 and 2006 was the collection of non-financed receivables from operating
      and
      direct finance leases of approximately $3,687,000 (primarily relating to the
      Premier LLC, ICON Global Crossing II, Rite Aid, CompUSA, Anchor and ICON GeicJV
      leases) and $2,118,000 (primarily relating to the Premier LLC, ICON GeicJV,
      CompUSA and Rite Aid leases), respectively, which provided us with approximately
      $3,683,000 and $498,000, respectively, of net cash from operating activities.





*Investing
      Activities*





*Sources
      of cash*




Our
      sources of cash from investing activities during the three months ended March
      31, 2007 consisted of proceeds from the sales of equipment of approximately
      $547,000 (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 $987,000 in distributions from joint ventures
      (which we received from our ICON Global Crossing and Aircraft
      46837 joint
      ventures).





Our
      sources of cash from investing activities during the three months ended March
      31, 2006 consisted of proceeds from the sales of equipment of approximately
      $1,955,000 (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) and 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 three months ended
      March 31, 2007 were approximately $401,000 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
      primary use of cash from investing activities during the three months ended
      March 31, 2006 were for the purchase of leased equipment of approximately
      $254,000 relating to the acquisition of the Premier LLC.




*Financing
      Activities*





*Uses
      of cash*




Our
      uses
      of cash from financing activities during the three months ended March 31, 2007
      and 2006 were cash distributions paid to our members of approximately $3,229,000
      and $3,238,000, respectively.





*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., ICON Income Fund
      Nine,
      LLC 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.






17
 *Table
          of Contents*





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
      were
      in compliance with these covenants at March 31, 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 were in compliance with the
      Contribution Agreement at March 31, 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 March 31, 2007 was 8.25%.





Aggregate
      borrowings by all Borrowers under the Facility amounted to $6,635,000 at March
      31, 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 $3,196,955 and $3,205,608, respectively, for the
      three months ended March 31, 2007 and 2006. Additionally, our Manager was paid
      distributions of $32,292, and $32,282, respectively, for the three months ended
      March 31, 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.






18
 *Table
          of Contents*








**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 March 31, 2007, as well as the financial statements and Quarterly
      Reports on Form 10-Q for the period ended March 31, 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.





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 to support the senior vice president of
      accounting hired by our Manager at the end of the third quarter of 2004. 
In addition, our Manager hired two additional accounting staff members during
      2005 who are certified public accountants and are experienced with public
      reporting entities. Subsequently in 2006, our Manager hired an additional
      accounting staff member who is a certified public accountant and is experienced
      with public reporting entities. Subsequently,
      in 2007 our Manager hired (i) two additional senior accountants with more than
      16 and 8 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 and (ii) two additional accountants that
      are
      experienced with public reporting entities. 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.







19
 *Table
            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 71 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 of
            
            Price
                Paid PerAdditional
                Member
            
            Additional
                MemberShares
                Redeemed
            
            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
            
            $
            827.51








**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.




Certification
      pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the
      Sarbanes-Oxley Act of 2002.







20
 *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:
      May 15, 2007*





*/s/
      Thomas W. Martin*


Thomas
      W.
      Martin


Chairman,
      Chief Executive Officer and President of the Manager


(Principal
      Executive Officer)










*Dated:
      May 15, 2007*





*/s/
      Michael A. Reisner*


Michael
      A. Reisner


Director,
      Executive Vice President and Chief Financial Officer


(Principal
      Financial and Accounting Officer)







21