UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   FORM 10-Q/A



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

for the quarterly period ended            June 30, 2004
                              --------------------------------------------------

[    ]  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             (IRS Employer Identification Number)
incorporation or organization)


 100 Fifth Avenue, 10th 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 an  accelerated  filer (as
defined in Rule 12b-2 of the Exchange Act). [ ] Yes [x] No
<PAGE>

     We are filing this Quarterly Report on Form 10-Q/A for the six months ended
June 30, 2004 in order to record  additional rental income from our consolidated
joint venture, ICON Aircraft 46837 LLC ("ICON Aircraft 46837").  While preparing
for the filing of Form 10-Q for the nine months ended  September  30,  2004,  we
determined that the rental income  calculation made during the prior quarter for
ICON Aircraft 46837 was in error. We calculate  rental income using the straight
line method over the life of the lease.  The error  created a longer  lease life
and  therefore  we recorded  less rental  income in the prior  quarter  than was
actually  earned.  The consolidated  financial  statements for the three and six
months ended June 30, 2004 did not include the correct  amount of rental income.
The table below indicates the impact of this adjustment:

<TABLE>
<CAPTION>
                                       Three Months Ended             Six Months Ended
                                         June 30, 2004                  June 30, 2004
                                         -------------                  -------------

                                    As Reported     Restated        As Reported      Restated
                                    -----------     --------        -----------      --------

<S>                               <C>             <C>             <C>            <C>
Total Revenues                    $  2,343,261    $ 2,527,180    $  2,619,132   $  2,803,057
                                  ============    ===========    ============   ============

Net loss                          $(   788,963)   $(  657,645)   $( 1,253,666)  $( 1,122,348)
                                  ============    ===========    ============   ============

Net loss per weighted
 average additional member share  $     (16.50)   $    (13.75)   $     (31.14)  $     (28.33)
                                  ============    ===========    ============   ============


                                                                        At June 30, 2004
                                                                  As Reported     Restated
                                                                  -----------     ---------

Total assets                                                     $118,187,746   $ 118,187,746
                                                                 ============   =============

Total liabilities                                                $ 72,627,712   $  72,496,394
                                                                 ============   =============

Total members' equity                                            $ 45,560,034   $  45,691,352
                                                                 ============   =============

</TABLE>

     The additional rental income has been reflected in the unaudited  condensed
consolidated  financial  statements  for the three and six months ended June 30,
2004 included in this Form 10Q/A. We have also revised our discussion in Part 1,
Item 2. Management's  Discussion and Analysis of Financial Condition and Results
of Operations to reflect this adjustment.
<PAGE>



PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements


                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)

                      Condensed Consolidated Balance Sheets

                                   (unaudited)


<TABLE>
<CAPTION>

                                                                                      June 30,         December 31,
                                                                                        2004               2003
                                                                                    (Restated)

   Assets

<S>                                                                                <C>               <C>
Cash and cash equivalents                                                          $   14,577,705    $     15,908,041

Investments in operating leases
   Equipment at cost                                                                  101,484,721           2,880,000
   Accumulated depreciation                                                            (2,491,387)           (219,423)
                                                                                   --------------     ---------------

                                                                                       98,993,334           2,660,577
                                                                                   --------------     ---------------

Escrow deposits                                                                           976,000             -

Equipment held for sale or lease, net                                                     541,196             665,321

Prepaid service fees, net                                                               3,007,554           1,417,995

Due from Manager and affiliates, net                                                         -                     38

Other assets                                                                               91,957             -
                                                                                   --------------    ----------------

Total assets                                                                       $  118,187,746    $     20,651,972
                                                                                   ==============    ================

   Liabilities and Members' Equity

Notes payable - non-recourse                                                       $   67,562,822    $       -
Security deposits and other liabilities                                                   468,943             233,524
Deferred income                                                                         1,895,431             -
Refunds payable                                                                            20,000             203,000
Due to Manager and affiliates, net                                                        127,114              50,159
Minority interest in consolidated joint ventures                                        2,422,084             -
                                                                                   --------------     ---------------

Total liabilities                                                                      72,496,394             486,683
                                                                                   --------------     ---------------

Commitments and Contingencies

Members' equity
   Manager (one share outstanding, $1,000 per share original issue price)                 (29,130)             (3,092)
   Additional members (56,089.235 and 23,784.330 shares outstanding,
     $1,000 per share original issue price)                                            45,720,482          20,168,381
                                                                                   --------------    ----------------

Total members' equity                                                                  45,691,352          20,165,289
                                                                                   --------------    ----------------

Total liabilities and members' equity                                              $  118,187,746    $     20,651,972
                                                                                   ==============    ================

</TABLE>

See accompanying notes to condensed consolidated financial statements.

<PAGE>


                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)

             Restated Condensed Consolidated Statement of Operations

                                   (unaudited)


<TABLE>
<CAPTION>


                                                          For the Three Months      For the Six Months
                                                          Ended June 30, 2004       Ended June 30, 2004



<S>                                                     <C>                     <C>
Revenues
   Rental income                                        $    2,508,287          $     2,784,158
   Net gain on sales of equipment                               18,893                   18,893
                                                        --------------          ---------------

   Total revenues                                            2,527,180                2,803,051


Expenses
   Depreciation expense                                      2,148,406                2,353,982
   Amortization of prepaid service fees                        307,910                  510,260
   Interest expense                                            197,873                   197,873
   Management fees - Manager                                   144,728                  267,694
   Administrative expense reimbursements - Manager             340,777                  531,351
   General and administrative                                   28,039                   47,147
   Minority interest in consolidated joint ventures             17,092                   17,092
                                                        --------------          ---------------

   Total expenses                                            3,184,825                3,925,399
                                                        --------------          ---------------

Net loss                                                $     (657,645)         $    (1,122,348)
                                                        ==============          ================

Net loss allocable to:
   Managing member                                      $       (6,576)         $       (11,223)
   Additional members                                         (651,069)              (1,111,125)
                                                        --------------          ---------------

                                                        $     (657,645)         $    (1,122,348)
                                                        ==============          ================
Weighted average number of additional member
   shares outstanding                                           47,337                   39,223
                                                        ==============          ===============

Net loss per weighted average additional
   member shares                                        $       (13.75)         $        (28.33)
                                                        ==============          ===============

</TABLE>



See accompanying notes to condensed consolidated financial statements.
<PAGE>

                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)

     Restated Condensed Consolidated Statement of Changes in Members' Equity

                     For the Six Months Ended June 30, 2004

                                   (unaudited)

                                 Additional Members' Distributions


<TABLE>
<CAPTION>


                                      Return of    Investment         Additional      Managing
                                       Capital       Income             Members        Member           Total
                                   (Per weighted average share)


<S>                                   <C>           <C>            <C>              <C>           <C>
Balance at January 1, 2004                                         $    20,168,381  $     (3,092) $   20,165,289

Proceeds from issuance of additional
  member shares (32,304.905 shares)                                      32,304,905         -        32,304,905

Sales and offering expenses                                             (4,175,270)         -        (4,175,270)

Cash distributions to members         $ 37.39       $    -              (1,466,409)      (14,815)     (1,481,224)

Net loss                                                                (1,111,125)      (11,223)     (1,122,348)
                                                                   ---------------  ------------  --------------

Balance at June 30, 2004                                           $    45,720,482  $    (29,130) $   45,691,352
                                                                   ===============  ============  ==============

</TABLE>












See accompanying notes to condensed consolidated financial statements.
<PAGE>

                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)

             Restated Condensed Consolidated Statement of Cash Flows

                     For The Six Months Ended June 30, 2004

                                   (unaudited)

<TABLE>
<CAPTION>

<S>                                                                    <C>
Cash flows from operating activities:

   Net loss                                                            $   (1,122,348)
                                                                       --------------
   Adjustments to reconcile net loss to
     net cash provided by operating activities:
       Rental income paid directly to lenders by lessees                   (1,772,647)
       Interest expense on non-recourse financing paid directly
         to lenders by lessees                                                197,873
        Depreciation expense                                                2,353,982
       Amortization of prepaid service fees                                   510,260
       Net (gain) on sales of equipment                                       (18,893)
       Minority interest in consolidated joint ventures                        17,092
       Changes in operating assets and liabilities:
         Other assets                                                         (91,957)
         Security deposits and other liabilities                              235,419
         Due to Manager and affiliates, net                                    76,993
                                                                        -------------

         Total adjustments                                                  1,508,122
                                                                        -------------

   Net cash provided by operating activities                                  385,774
                                                                        -------------

Cash flows from investing activities:
   Investment in equipment                                                (28,547,694)
   Services fees paid                                                      (2,099,819)
   Proceeds from sales of equipment                                            61,000

   Net cash used in investing activities                                  (30,586,513)

Cash flows from financing activities:
   Issuance of additional membership shares, net
     of sales and offering expenses paid                                   28,129,635
   Cash distributions to members                                           (1,481,224)
   Minority interest contribution in joint venture, net                     2,404,992
   Refunds payable                                                           (183,000)
                                                                       --------------


   Net cash provided by financing activities                               28,870,403
                                                                       --------------

Net decrease in cash and cash equivalents                                  (1,330,336)

Cash and cash equivalents at beginning of period                           15,908,041
                                                                       --------------

Cash and cash equivalents at end of period                             $   14,577,705
                                                                       ==============

</TABLE>



                                                        (continued on next page)
<PAGE>

                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)

       Restated Condensed Consolidated Statement of Cash Flows (Continued)

                     For The Six Months Ended June 30, 2004

                                   (unaudited)


Supplemental Disclosures of Cash Flow Information
-------------------------------------------------

For the period ended June 30, 2004, non-cash activities included the following:



Non-cash portion of equipment purchased                       $ 70,057,027

Non-recourse notes assumed in purchase price                   (70,057,027)
                                                              ------------

                                                              $    -
                                                              ============


Other liabilities assumed                                     $     12,500
                                                              ============


Rental income on operating lease receivables
   paid directly to lender by lessee                          $  1,772,647

Deferred income on operating lease receivables paid
   directly to lenders by lessees, net                             919,431

Principal and interest on non-recourse debt paid directly
   to lenders by lessees                                        (2,692,078)
                                                              ------------

                                                              $    -
                                                              =============

Interest expense on non-recourse financing accrued
   or paid directly to lenders by lessees                     $    197,873
                                                              ============








See accompanying notes to condensed consolidated financial statements.
<PAGE>

                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)

              Notes to Condensed Consolidated Financial Statements

                                  June 30, 2004
                                   (unaudited)

1.   Basis of Presentation

     The condensed  consolidated  financial  statements of ICON Income Fund Ten,
LLC (the "LLC") have been prepared  pursuant to the rules and regulations of the
Securities  and  Exchange   Commission  (the  "SEC")  and,  in  the  opinion  of
management,  include  all  adjustments  (consisting  only  of  normal  recurring
accruals)  necessary  for a fair  statement  of results for the  periods  shown.
Certain  information  and footnote  disclosures  normally  included in financial
statements prepared in accordance with accounting  principles generally accepted
in the United States of America have been condensed or omitted  pursuant to such
SEC rules and  regulations.  Management  believes that the disclosures  made are
adequate to make the information  presented not misleading.  The results for the
interim period are not necessarily  indicative of the results for the full year.
These condensed  consolidated financial statements should be read in conjunction
with the financial statements and notes included in the LLC's 2003 Annual Report
Form 10-K.

2.   Organization

     The LLC was  formed on  January  2, 2003 as a  Delaware  limited  liability
company.  The  initial  capitalization  of the LLC was  $1,000  by the  Managing
Member. The LLC is offering membership  interests on a "best efforts" basis with
the intention of raising up to $150,000,000 of capital.  The LLC had its initial
closing on August 22, 2003 when it admitted members holding 5,065.736 additional
member shares, representing $5,065,736 in capital contributions.  As of June 30,
2004 the LLC had  admitted  additional  members  holding  51,023.499  additional
member shares,  representing $51,023,499 in capital contributions,  bringing the
total capital  contributions  and additional  member shares to  $56,089,235  and
56,089.235, respectively.

     The Manager of the LLC, ICON Capital Corp.,  is a Connecticut  corporation.
The Manager  manages and controls the  business  affairs of the LLC's  equipment
leases and financing transactions under the terms of a management agreement with
the LLC.

3.  Related Party Transactions

     The LLC has entered into certain  agreements with ICON Securities Corp. and
ICON Capital Corp. whereby the LLC pays certain fees and reimbursements to those
parties.

     The LLC is a joint venture  partner in ICON GeicJV,  a joint venture formed
for the  purpose of  purchasing  information  technology  equipment  on lease to
Government  Employees  Insurance Company ("GEICO").  The LLC currently has a 74%
interest in ICON GeicJV.

     The LLC is also a joint  venture  member of ICON  Aircraft  46837,  LLC,  a
limited  liability  company  which was formed for the sole purpose of purchasing
the  beneficial  interest  in a DC-10-30  aircraft  on lease to Federal  Express
Corporation  ("FedEx").  The LLC currently has a 71.4% interest in ICON Aircraft
46837, LLC.

     Fees  and  expenses  paid  or  accrued  by the  LLC to the  Manager  or its
affiliates for the six months ended June 30, 2004 are as follows:

Prepaid service fees                   $  2,099,819   Capitalized
Organization and offering expenses          944,779   Charged to members' equity
Underwriting commissions                    646,098   Charged to members' equity
Management fees                             267,694   Charged to operations
Administrative expense reimbursements       531,351   Charged to operations
                                       ------------

Total                                  $ 4,489,741
                                       ===========



                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)

        Notes to Condensed Consolidated Financial Statements - Continued

     Included in the balance  sheet item Due to Manager and  affiliates is a net
payable of $25,604  due to ICON Income  Fund Eight A L.P.  ("Fund  Eight A") and
$78,500 due to ICON Income Fund Nine, LLC ("Fund Nine") for investments in joint
ventures.  (See  Note 4 for  additional  information  relating  to  these  joint
ventures).

4.  Consolidated Joint Ventures

    ICON Aircraft 46837, LLC
    ------------------------

     In March  2004,  the LLC and an  affiliate,  Fund  Eight A,  formed a joint
venture,  ICON Aircraft 46837, LLC ("ICON Aircraft  46837"),  for the purpose of
acquiring and managing a McDonnell Douglas DC-10-30F  aircraft on lease to FedEx
through  March  2007.  The LLC and  Fund  Eight A have  substantially  identical
investment objectives and participate on the same terms and conditions.  The LLC
has a right of first refusal to purchase the equipment,  on a pro-rata basis, if
the affiliate  desires to sell its interest in the equipment.  The joint venture
is majority owned and consolidated with the LLC.

     The purchase price of the aircraft was  $21,489,374,  which was funded with
cash  of  $3,566,226,  the  assumption  of  other  liabilities  of  $12,500  and
non-recourse debt of $17,672,027.  The non-recourse debt has an interest rate of
4% and matures in March 2007. The lender has a security interest in the aircraft
and an assignment of the rental payments under the lease with FedEx.  Legal fees
of $36,050 were also paid and  capitalized  as part of the cost of the aircraft.
Subsequent to closing,  an additional  $202,571 in bank fees and legal  expenses
were paid and capitalized as part of the cost of the aircraft.

     The  LLC  and  Fund  Eight  A  acquired   interests  of  71.4%  and  28.6%,
respectively,  in ICON Aircraft 46837. Fund Eight A has an option to purchase an
additional interest in ICON Aircraft 46837, which expires on September 30, 2004.
If Fund Eight A exercises this option,  its ownership interest would increase to
90% and, as a result,  the LLC would have a 10% interest in ICON Aircraft 46837.
The exercise price of the option is $2,130,604.

     The LLC's condensed  consolidated  financial statements include 100% of the
assets,  liabilities,  revenues and expenses of ICON Aircraft 46837.  Fund Eight
A's  investment  in ICON  Aircraft  46837 is reflected  as minority  interest in
consolidated joint ventures on the condensed consolidated balance sheet.

     ICON GeicJV
     -----------

     In March 2004, the LLC and an affiliate,  Fund Nine, formed a joint venture
Partnership,  ICON  GeicJV,  for the purpose of acquiring  and managing  certain
information  technology  equipment on lease to GEICO through March 2007. The LLC
and Fund Nine acquired interests of 74% and 26%,  respectively,  in ICON GeicJV.
The LLC and Fund Nine have  substantially  identical  investment  objectives and
participate  on the  same  terms  and  conditions.  The LLC has a right of first
refusal to purchase the equipment, on a pro-rata basis, if the affiliate desires
to sell its interest in the  equipment.  The joint venture is majority owned and
consolidated with the LLC.

     The  purchase  price of the  equipment  was  $5,852,197,  which was  funded
entirely with cash.  The LLC paid  $4,330,626 to fund its pro-rata  share of the
purchase price.

<PAGE>

                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)

        Notes to Condensed Consolidated Financial Statements - Continued

5.  Investments in Operating Leases

     During June 2004, the LLC acquired two (2) shipping  container vessels from
ZIM Israel Navigation Co., Ltd. ("ZIM").  The LLC simultaneously  entered into a
bareboat  charter  agreement  with ZIM for the use of the vessels.  The bareboat
charter  agreement is for a five-year  period,  starting June 24, 2004, with two
one-year extensions.

     The  purchase  price of the vessels was  $70,700,000  which was funded with
cash of $18,400,000 and the assumption of non-recourse debt of $52,300,000.  The
non-recourse  debt has an interest  rate of 5.36% and matures in July 2009.  The
lenders have a security  interest in the vessels and an assignment of the rental
payments  under the lease with ZIM. Bank fees,  legal fees and other expenses of
$563,150 were also paid and capitalized as part of the  acquisition  cost of the
vessels.

6.  Restatement

     The LLC is filing this  Quarterly  Report on Form 10-Q/A for the six months
ended  June 30,  2004 in order  to  record  additional  rental  income  from our
consolidated  joint venture,  ICON Aircraft 46837 LLC ("ICON  Aircraft  46837").
While  preparing for the filing of Form 10-Q for the nine months ended September
30, 2004, the LLC determined that the rental income  calculation made during the
prior quarter for ICON Aircraft 46837 was in error.  The LLC  calculates  rental
income  using the  straight  line method  over the life of the lease.  The error
created a longer lease life and therefore the LLC recorded less rental income in
the  prior  quarter  than  was  actually  earned.  The  consolidated   financial
statements  for the three and six months ended June 30, 2004 did not include the
correct  amount of rental income.  The table below  indicates the impact of this
adjustment:

<TABLE>
<CAPTION>
                                       Three Months Ended             Six Months Ended
                                         June 30, 2004                  June 30, 2004
                                         -------------                  -------------

                                    As Reported     Restated        As Reported    Restated
                                    -----------     --------        -----------    --------

<S>                               <C>             <C>             <C>            <C>
Total Revenues                    $  2,343,261    $ 2,527,180    $  2,619,132   $  2,803,057
                                  ============    ===========    ============   ============

Net loss                          $(   788,963)   $(  657,645)   $( 1,253,666)  $( 1,122,348)
                                  ============    ============   ============   ============

Net loss per weighted
 average additional member share  $     (16.50)   $    (13.75)   $     (31.14)  $    (28.33)
                                  ============    ===========    =============  ===========


                                                                        At June 30, 2004
                                                                        -----------------
                                                                  As Reported     Restated
                                                                  -----------     ---------

Total assets                                                     $118,187,746   $ 118,187,746
                                                                 ============   =============

Total liabilities                                                $ 72,627,712   $ 72,496,394
                                                                 ============   ============

Total members' equity                                            $ 45,560,034   $ 45,691,352
                                                                 ============   ============

</TABLE>

<PAGE>

                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)

                                  June 30, 2004

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

     Forward-Looking  Information - The following discussion and analysis should
be read in conjunction with the audited financial  statements and notes included
in the LLC's  annual  report on Form  10-K  dated  December  31,  2003.  Certain
statements within this document may constitute forward-looking statements within
the  meaning of the  Private  Securities  Litigation  Reform Act of 1995.  These
statements are identified by words such as "anticipate,"  "believe," "estimate,"
"expects,"  "intend,"  "predict" or "project" and similar  expressions.  The LLC
believes that the expectations reflected in such forward-looking  statements are
based on reasonable assumptions. Any such forward-looking statements are subject
to risks and  uncertainties  and the LLC's future  results of  operations  could
differ materially from historical results or current expectations. Some of these
risks  are  discussed  in  this  report,   and  include,   without   limitation,
fluctuations in oil and gas prices;  level of fleet additions by competitors and
industry  overcapacity;  changes in capital  spending by  customers in the cargo
delivery  industry;  changing customer demands for vessel and aircraft;  acts of
terrorism;  unsettled political  conditions,  war, civil unrest and governmental
actions,  especially  in higher risk  countries of  operations,  such as Israel;
foreign  currency  fluctuations;  and  environmental  and labor laws.  The LLC's
actual  results  could  differ   materially  from  those   anticipated  by  such
forward-looking  statements  due to a number  of  factors,  some of which may be
beyond the LLC's control, including, without limitation:

o    changes in our industry, interest rates or the general economy;

o    the degree and nature of our competition;

o    availability of qualified personnel;

o    cash flows from  operating  activities  may be less than the LLC's  current
     level of expenses;

o    the financial condition of lessees; and

o    lessee defaults.

a.   Overview

     The LLC is an  equipment  leasing  business  formed on  January 2, 2003 and
which began active  operations on August 22, 2003. The LLC primarily  engages in
the business of acquiring  equipment  subject to leases and, to a lesser degree,
acquiring  ownership  rights to items of leased  equipment at lease  expiration.
Some of the LLC's equipment leases will be acquired for cash and are expected to
provide current cash flow, which we refer to as "income" leases. The majority of
the purchase  price of the LLC's other  equipment  leases will be  borrowed,  so
these leases will generate little or no current cash flow because  substantially
all of the rental payments received from a lessee will be paid to a lender.  For
these  "growth"  leases,  we  anticipate  that the  future  value of the  leased
equipment  will  exceed  the cash  portion  of the  purchase  price paid for the
equipment by the LLC.

<PAGE>
                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)

                                  June 30, 2004

     We  expect  that  the LLC  will  invest  most of the net  proceeds  of this
offering in items of  equipment  that will be subject to a lease.  After the net
offering  proceeds  have  been  invested,  it  is  anticipated  that  additional
investments  will be made  with  the  cash  generated  from  the  LLC's  initial
investments to the extent that cash is not needed for LLC's  expenses,  reserves
and distributions to investors.  The investment in additional  equipment in this
manner is called  "reinvestment."  We anticipate the LLC will purchase equipment
from  time to time  until  five  years  from the date we  complete  the  current
offering of  membership.  That time frame is called the  "reinvestment  period",
which we may extend at our discretion for an additional  three years.  After the
"reinvestment  period", the LLC will then sell its assets in the ordinary course
of business during a time frame called the "liquidation  period".  If we believe
it would benefit  investors to reinvest the LLC's cash flow in equipment  during
the  liquidation  period,  the  LLC  may do so,  but we  will  not  receive  any
additional fees in connection with such  reinvestments.  Our goal is to complete
the  liquidation  period  in  three  years,  but it may  take  longer  to do so.
Accordingly,  an investor should expect to hold his shares for at least 10 years
from the time he invests.

     The LLC's current equipment portfolio, which is held directly by the LLC or
through joint venture investments with affiliates, consists of:

o    Boeing 767 aircraft rotables and accessories, of which approximately 80% is
     on lease to  Flugfelagid  Atlanta  hf,  d/b/a Air Atlanta  Icelandic  ("Air
     Atlanta")  with an expiration  date of November 30, 2004. The remaining 20%
     was on lease with Air Atlanta,  but is now being held for sale or lease and
     has a net book value of $541,196.  The equipment was  originally  purchased
     for $3,600,000.

o    Two (2) 3,300 TEU  container  vessels,  on  bareboat  charter  lease to ZIM
     Israel Navigation Co. Ltd. ("ZIM").  The expiration of the bareboat charter
     is June 23,  2009.  The  purchase  price for the  vessels  was  $70,700,000
     comprised of (i) approximately  $18,400,000 in cash, and (ii) approximately
     $52,300,000 of non-recourse debt.

o    a 74% interest in information  technology equipment -- such as Sun servers,
     HP servers, Dell desktop computers, and Panasonic laptop computers -- which
     are subject to a three year lease with GEICO.  The  expiration of the lease
     is March 31, 2007.  The LLC's share of the purchase price was $4,330,626 in
     cash.

o    A 71.4% interest in a 1979 McDonnell Douglas DC-10-30F aircraft on lease to
     Federal Express Corporation ("FedEx") with an expiration of March 2007. The
     LLC's  contribution to the purchase price of the aircraft was $2,656,237 in
     cash and $12,678,517 in non-recourse debt.

     Substantially all of our recurring  operating cash flows are generated from
the  operations  of the  single-investor  leases  in the LLC's  portfolio.  On a
monthly basis, we deduct the expenses related to the recurring operations of the
portfolio  from such revenues and assess the amount of the remaining  cash flows
that will be required to fund known  re-leasing  costs and equipment  management
costs.  Any  residual   operating  cash  flows  are  considered   available  for
distribution  to the  investors  and are paid monthly (up until the  liquidation
period).  We  anticipate  increases  in  cash  available  for  distributions  to
investors from the acquisition of more single-investor transactions.

     From January 1, 2004 through  June 30, 2004,  the LLC raised  approximately
$32,300,000  through the issuance of approximately  32,300 units. As of June 30,
2004, approximately 94,000 units remain available for sale pursuant to the LLC's
offering.

<PAGE>

                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)

                                  June 30, 2004

Industry Factors

     Our results continue to be impacted by a number of factors  influencing the
equipment leasing industry.

     General Economic Conditions

     The U.S.  economy  appears to be  recovering,  and the  leasing  industry's
outlook for the  foreseeable  future is  encouraging.  Many  experts  foresee an
increase in capital spending by corporations  through 2007 which should increase
the pool of  available  secondary  market  leases,  and to that end,  the LLC is
seeing more  opportunities  in this market.  Nonetheless,  a key obstacle  still
facing the leasing  industry is the  continued  low interest  rate  environment,
which reduces  leasing  volume  inasmuch as customers are more prone to purchase
than lease.  Other factors which may negatively  affect the leasing industry are
the  proposed  legal and  regulatory  changes  that may affect tax  benefits  of
leasing and the  continued  misperception  by potential  lessees,  stemming from
Enron,  WorldCom and others,  that  leasing  should not play a central role as a
financing alternative.  However, as economic growth continues and interest rates
inevitably  begin to rise over time,  we are  optimistic  that more lessees will
return to the marketplace.

     Further Deterioration of the Air Travel Industry.

     The  aircraft  leasing  industry is currently on the downside of a business
cycle and this has  resulted in  depressed  sales  prices for assets such as the
LLC's  aircraft  interests.  It does not appear that the  industry  will recover
significantly  in the very near  future,  although  the LLC is  optimistic  that
within two to three years,  there will be a full  recovery.  However,  a further
weakening of the industry could cause the proceeds realized from the future sale
of the LLC's  aircraft and its rotables to be even less than suggested by recent
appraisals.

b.   Results of Operations for the Three Months Ended June 30, 2004

     The LLC  commenced  active  operations  on August 22,  2003;  therefore,  a
comparison to the three months ended June 30, 2003 is not discussed.

Revenues

     Revenues for the three months ended June 30, 2004 were $2,527,180 comprised
of rental  income of  $2,508,287  and net gain on sale of  equipment of $18,893.
Rental income reflects the increase in operating lease  activities.  The gain on
sale of equipment resulted from sale of equipment that was off-lease.

Expenses of the LLC

     Expenses  for the  three  months  ended  June  30,  2004  were  $3,184,825,
comprising  primarily of depreciation  and  amortization  expense of $2,456,316,
interest   expense  of  $197,873,   management   fees  -  Manager  of  $144,728,
administrative  expense  reimbursements  -  Manager  of  $340,777,  general  and
administrative expenses of $28,039, and minority interest of $17,092.

     Our  largest  expense  is  depreciation.  It is  directly  related  to  the
acquisition of operating  lease assets.  Our continued  acquisition of operating
lease assets will lead to further  increases in  depreciation  expense and other
operating expenses.

<PAGE>
                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)

                                  June 30, 2004

Net Income/Loss of the LLC

     Net loss for the three  months  ended June 30, 2004 was  $657,645.  The net
loss per weighted average additional member shares was $13.75.

c.   Results of Operations for the Six Months Ended June 30, 2004

     The LLC  commenced  active  operations  on August 22,  2003;  therefore,  a
comparison to the six months ended June 30, 2003 is not discussed.

Revenues

     Revenues for the six months ended June 30, 2004 were  $2,803,051  comprised
of rental  income of  $2,784,158  and net gain on sales of equipment of $18,893.
Rental income reflects the increase in operating lease activities.

Expenses of the LLC

     Expenses for the six months ended June 30, 2004 were  $3,925,399  comprised
primarily of  depreciation  and  amortization  expense of  $2,864,242,  interest
expense  of  $197,873,  management  fees - Manager of  $267,694,  administrative
expense  reimbursements  -  Manager  of  $531,351,  general  and  administrative
expenses of $47,147, and offset by minority interest of $17,092.  These expenses
reflect an increase in the level of the LLC's activities,  as the LLC engaged in
additional leasing activities.

     Our  largest  expense  is  depreciation.  It is  directly  related  to  the
acquisition of operating  lease assets.  Our continued  acquisition of operating
lease assets will lead to further  increases in  depreciation  expense and other
operating expenses.

Net Income/Loss of the LLC

     Net loss for the six months  ended June 30,  2004 was  $1,122,348.  The net
loss per weighted average additional member shares was $28.33.

d.   Liquidity and Capital Resources

Cash Requirements

     The LLC has sufficient funds necessary to maintain  current  operations and
to continue to invest in business  essential assets subject to lease. The LLC is
currently  focused on increasing cash flow through  acquisition of more "income"
leases.

Sources of Cash

     Operations

     For the six  months  ended  June 30,  2004,  the  LLC's  primary  source of
liquidity  was  from  financing  activities;   specifically  from  the  sale  of
additional  members  shares.  Proceeds from the issuance of  additional  members
shares,  net of sales and offering expenses,  were $28,129,635.  These funds, as
well as funds  held in  reserve  by the LLC,  was used  primarily  in  investing
activities  for the  investment  in  equipment.  Equipment  subject to operating
leases were purchased for $28,547,694. The LLC is expected to continue acquiring
equipment subject to lease, and also make other types of related investments.

<PAGE>
                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)

                                  June 30, 2004

Financings and Recourse Borrowings

     Certain affiliates of the LLC--ICON Income Fund Nine, LLC; ICON Income Fund
Eight A L.P.;  ICON Income Fund Eight B L.P.;  and ICON Cash Flow  Partners L.P.
Seven (collectively,  the "Initial Funds") -- are parties to a Loan and Security
Agreement dated as of May 30, 2002, as amended (the "Loan Agreement"). Under the
terms of the Loan  Agreement,  the Initial  Funds may borrow money from Comerica
Bank with all borrowings to be jointly and severally  collateralized by (i) cash
and (ii) the present values of certain rents  receivable and equipment  owned by
the Initial Funds.  Such Loan Agreement was amended to add the LLC as a borrower
(the LLC,  together with the Initial  Funds,  the "Funds")  effective  August 5,
2004. The expiration of the Loan Agreement is December 31, 2004.

     In connection with the Loan Agreement, the Initial Funds previously entered
into a  Contribution  Agreement  dated  as of May  30,  2002,  as  amended  (the
"Contribution  Agreement").  Pursuant to the Contribution Agreement, the Initial
Funds  agreed to  restrictions  on the amount and the terms of their  respective
borrowings  under the Loan Agreement in order to minimize the unlikely risk that
a Fund  would  not be able to repay its  allocable  portion  of the  outstanding
revolving  loan  obligation  at any  time,  including  restrictions  on any Fund
borrowing  in excess of the lesser of (A) an amount  each Fund could  reasonably
expect  to repay in one year out of its  projected  free cash  flow,  or (B) the
greater of (i) the Borrowing  Base (as defined in the line of credit  agreement)
as  applied  to such  Fund,  and (ii) 50% of the net  worth  of such  Fund.  The
Contribution  Agreement  provides that, in the event a Fund pays an amount under
the  agreement  in excess of its  allocable  share of the  obligation  under the
agreement whether by reason of an Event of Default or otherwise, the other Funds
will promptly make a  contribution  payment to such Fund in such amount that the
aggregate amount paid by each Fund reflects its allocable share of the aggregate
obligations  under the agreement.  The Initial Funds'  obligations to each other
under the Contribution Agreement are collateralized by a subordinate lien on the
assets of each  participating  Fund. In order to facilitate  the addition of the
LLC to the Contribution  Agreement,  the Funds entered into a Second Amended and
Restated  Contribution  Agreement  effective  as of August 5,  2004.  The Second
Amended and Restated  Contribution  Agreement contains  substantially  identical
terms and limitations as did the Contribution Agreement.

     Aggregate  borrowings  by all  funds  under  the line of  credit  agreement
amounted to $8,615,439 on June 30, 2004.

Distributions

     The LLC made cash distributions to members of $1,481,224 during the quarter
ended June 30, 2004. Such distributions are reflected as a return of capital, as
the LLC recorded a loss for the quarter.

Capital Resources

     The LLC is an  investment  vehicle  formed for the purpose of acquiring and
owning equipment leases and the business essential equipment subject thereto. As
of June 30,  2004,  the LLC was holding net offering  proceeds of  approximately
$14,577,705 available for such investments. At this time, the Manager is unaware
of any specific need requiring capital resources to be funded by the LLC.

Uncertainties

     As of June 30,  2004,  except as noted  above in the  Overview  section and
listed  below in the Risk  Factors  section,  and to the best of our  knowledge,
there were no known  trends or  demands,  commitments,  events or  uncertainties
which we believe are likely to have a material  effect on liquidity.  As cash is
realized from the continued offering,  operations,  or borrowings,  the LLC will
continue  to  invest  in  additional  leasing   transactions,   while  retaining
sufficient cash to meet its reserve requirements and recurring obligations.

<PAGE>
                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)

                                  June 30, 2004

e.   Inflation and Interest Rates

     The potential effects of inflation on the LLC are difficult to predict.  If
the general economy  experiences  significant  rates of inflation,  however,  it
could  affect the LLC in a number of ways.  The cost of  equipment  acquisitions
could  increase  with  inflation  and revenues  from  existing  leases would not
generally increase with inflation,  as the LLC does not currently have or expect
to have rent escalation  clauses tied to inflation in its leases.  Nevertheless,
the  anticipated  proceeds from residual  values to be realized upon the sale or
re-lease of equipment  upon lease  terminations  (and thus the overall cash flow
generated  from the LLC's leases) may be expected to increase with  inflation as
the cost of similar new and used equipment increases.

     If interest rates increase significantly,  the lease rates that the LLC can
obtain on future  leases may be expected to increase as the cost of capital is a
significant  factor in the pricing of lease financing.  Leases already in place,
for the most part, would not be affected by changes in interest rates.

Item 3.  Qualitative and Quantitative Disclosures About Market Risk

     The LLC is exposed to certain market risks,  including  changes in interest
rates and the demand for equipment (and the related  residuals) owned by the LLC
and its investors.

     The LLC manages its interest rate risk by obtaining  fixed rate debt either
directly or through its joint ventures.  The fixed rate debt service obligations
are matched with fixed rate lease receivable streams generated by the leases.

     The LLC attempts to manage its exposure to equipment  and residual  risk by
monitoring  the market and  maximizing  remarketing  proceeds  received  through
re-lease or sale of equipment.

Item 4.   Controls and Procedures

     The LLC  carried  out an  evaluation,  under the  supervision  and with the
participation  of  management  of ICON  Capital  Corp.,  the Manager of the LLC,
including the Chief Executive Officer and the Principal Financial and Accounting
Officer,  of the  effectiveness  of  the  design  and  operation  of  the  LLC'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  upon  the
evaluation,  the  Chief  Executive  Officer  and  the  Principal  Financial  and
Accounting  Officer concluded that the LLC's disclosure  controls and procedures
were effective.

     There  were no  significant  changes  in the LLC's  internal  control  over
financial  reporting  during  the LLC's  second  quarter  that  have  materially
affected,  or are likely to materially  affect,  the LLC's internal control over
financial reporting.

<PAGE>

                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)


PART II - OTHER INFORMATION


Item 1 - Legal Proceedings

     The LLC, from time-to-time,  in the ordinary course of business,  commences
legal actions when necessary to protect or enforce the rights of the LLC. We are
not a defendant party to any pending litigation and are not aware of any pending
or threatened litigation against the LLC.

Item 6 - Exhibits and Reports on Form 8-K

(a) Exhibits

     32.1 Certification of Chairman and Chief Executive Officer.

     32.2 Certification of Executive Vice President and Principal  Financial and
          Accounting Officer.

     33.1 Certification  of Chairman and Chief Executive  Officer pursuant to 18
          U.S.C.  (Section)1350,  as  adopted  pursuant  to  Section  906 of the
          Sarbanes-Oxley Act of 2002.

     33.2 Certification of Executive Vice President and Principal  Financial and
          Accounting  Officer  pursuant to 18 U.S.C.  (Section)1350,  as adopted
          pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

(b)  Report on Form 8-K

     The LLC filed a Current  Report on Form 8-K,  dated  July 13,  2004,  which
furnished a narrative on the recently  completed  ZIM  acquisition.  As well, it
announces  that the LLC filed a Supplement  No. 2 to its  Prospectus in order to
disclose acquisitions and to provide  clarifications  related to fees charged by
the Manager.


<PAGE>

                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)



                                   SIGNATURES



     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                                  ICON Income Fund Ten, LLC (Registrant)
                                  By its Manager,
                                  ICON Capital Corp.



       November 12, 2004          /s/ Thomas W. Martin
       -----------------          -----------------------------------------
           Date                   Thomas W. Martin
                                  Executive Vice President
                                  (Principal Financial and Accounting Officer)
                                  ICON Capital Corp.
                                  Manager of ICON Income Fund Ten, LLC
<PAGE>

                              Certifications - 10-Q


EXHIBIT 32.1

I, Beaufort J.B. Clarke, certify that:

1.   I have reviewed this quarterly report of ICON Income Fund Ten, LLC;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statements of a material fact or omit to state a material fact necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my knowledge,  the condensed consolidated financial statements and
     other  financial  information  included in this  quarterly  report,  fairly
     present in all material  respects  the  consolidated  financial  condition,
     results of operations  and cash flows of the registrant as of, and for, the
     periods presented in this quarterly report;

4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules  13a-15(e) and  15d-15(e))  for the registrant and we
     have:

     a)   designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure  that  material  information  relating  to the
          registrant,  including its consolidated subsidiaries, is made known to
          us by others within those entities,  particularly during the period in
          which this quarterly report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures and presented in this quarterly  report our conclusions
          about the  effectiveness of the disclosure  controls and procedures as
          of the end of the period  covered by this  quarterly  report  based on
          such evaluation; and

     c)   disclosed  in this  quarterly  report any  change in the  registrant's
          internal  control over financial  reporting  that occurred  during the
          registrant's most recent fiscal quarter that has materially  affected,
          or  is  reasonably  likely  to  materially  affect,  the  registrant's
          internal control over financial reporting; and

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent evaluation of internal control over financial reporting, to
     the  registrant's  auditors  and the board of  directors of the Manager (or
     persons performing the equivalent functions):

     a)   all significant  deficiencies and material weaknesses in the design or
          operation of internal  control,  are  reasonably  likely to materially
          affect the  registrant's  ability to record,  process,  summarize  and
          report financial information; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls over financial reporting.

Dated:  November 12, 2004

/s/ Beaufort J.B. Clarke
-----------------------------
Beaufort J. B. Clarke
Chairman and Chief Executive Officer
ICON Capital Corp.
Manager of ICON Income Fund Ten, LLC
<PAGE>

                              Certifications - 10-Q


EXHIBIT 32.2

I, Thomas W. Martin, certify that:

1.   I have reviewed this quarterly report of ICON Income Fund Ten, LLC;

2.   Based on my knowledge,  this  quarterly  report does not contain any untrue
     statements of a material fact or omit to state a material fact necessary to
     make the statements  made, in light of the  circumstances  under which such
     statements  were made, not misleading with respect to the period covered by
     this quarterly report;

3.   Based on my knowledge,  the condensed consolidated financial statements and
     other  financial  information  included in this  quarterly  report,  fairly
     present in all material  respects  the  consolidated  financial  condition,
     results of operations  and cash flows of the registrant as of, and for, the
     periods presented in this quarterly report;

4.   The  registrant's  other  certifying  officer  and  I are  responsible  for
     establishing and maintaining disclosure controls and procedures (as defined
     in Exchange Act Rules  13a-15(e) and  15d-15(e))  for the registrant and we
     have:

     a)   designed  such  disclosure  controls  and  procedures,  or caused such
          disclosure   controls  and   procedures  to  be  designed   under  our
          supervision,  to ensure  that  material  information  relating  to the
          registrant,  including its consolidated subsidiaries, is made known to
          us by others within those entities,  particularly during the period in
          which this quarterly report is being prepared;

     b)   evaluated the  effectiveness of the registrant's  disclosure  controls
          and procedures and presented in this quarterly  report our conclusions
          about the  effectiveness of the disclosure  controls and procedures as
          of the end of the period  covered by this  quarterly  report  based on
          such evaluation; and

     c)   disclosed  in this  quarterly  report any  change in the  registrant's
          internal  control over financial  reporting  that occurred  during the
          registrant's most recent fiscal quarter that has materially  affected,
          or  is  reasonably  likely  to  materially  affect,  the  registrant's
          internal control over financial reporting; and

5.   The registrant's other certifying  officers and I have disclosed,  based on
     our most recent evaluation of internal control over financial reporting, to
     the  registrant's  auditors  and the board of  directors of the Manager (or
     persons performing the equivalent functions):

     a)   all significant  deficiencies and material weaknesses in the design or
          operation of internal  control,  are  reasonably  likely to materially
          affect the  registrant's  ability to record,  process,  summarize  and
          report financial information; and

     b)   any fraud, whether or not material,  that involves management or other
          employees who have a  significant  role in the  registrant's  internal
          controls over financial reporting.

Dated:  November 12, 2004

/s/ Thomas W. Martin
----------------------------------------
Thomas W. Martin
Executive Vice President
(Principal Financial and Accounting Officer)
ICON Capital Corp.
Manager of ICON Income Fund Ten, LLC

<PAGE>

                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)

                                  June 30, 2004

EXHIBIT 33.1

     I,  Beaufort  J.B.  Clarke,  Chairman and Chief  Executive  Officer of ICON
Capital  Corp,  the Manager of ICON Income Fund Ten, LLC,  certify,  pursuant to
Section 906 of the  Sarbanes-Oxley  Act of 2002, (18 U.S.C.  1350), that, to the
best of my knowledge and belief:

(1)  the  Quarterly  Report on Form 10-Q for the period ended June 30, 2004 (the
     "Periodic Report") which this statement accompanies fully complies with the
     requirements  of Section 13(a) or 15(d) of the  Securities  Exchange Act of
     1934 (15 U.S.C. 78m); and

(2)  the information  contained in the Periodic Report fairly  presents,  in all
     material  respects,  the  financial  condition and results of operations of
     ICON Income Fund Ten, LLC.

Dated:  November 12, 2004



                   /s/ Beaufort J.B. Clarke
                   ------------------------------------------------------
                   Beaufort J.B. Clarke
                   Chairman and Chief Executive Officer
                   ICON Capital Corp.
                   Manager of ICON Income Fund Ten, LLC

<PAGE>

                            ICON Income Fund Ten, LLC
                     (A Delaware Limited Liability Company)

                                  June 30, 2004


EXHIBIT 33.2

     I, Thomas W. Martin,  Executive  Vice  President  (Principal  Financial and
Accounting  Officer) of ICON Capital Corp,  the Manager of ICON Income Fund Ten,
LLC,  certify,  pursuant to Section 906 of the  Sarbanes-Oxley  Act of 2002, (18
U.S.C. 1350), that, to the best of my knowledge and belief:

     (1)  the  Quarterly  Report on Form 10-Q for the period ended June 30, 2004
          (the  "Periodic  Report")  which  this  statement   accompanies  fully
          complies  with  the  requirements  of  Section  13(a)  or 15(d) of the
          Securities Exchange Act of 1934 (15 U.S.C. 78m); and

     (2)  the information  contained in the Periodic Report fairly presents,  in
          all  material  respects,   the  financial  condition  and  results  of
          operations of ICON Income Fund Ten, LLC.


Dated:  November 12, 2004



                                    /s/ Thomas W. Martin
                                    -------------------------------------------
                                    Thomas W. Martin
                                    Executive Vice President
                                    (Principal Financial and Accounting Officer)
                                    ICON Capital Corp.
                                    Manager of ICON Income Fund Ten, LLC
<PAGE>