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            September 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>


PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements


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

                           Consolidated Balance Sheets

<TABLE>
<CAPTION>


                                                                 (Unaudited)
                                                                 September 30,     December 31,
                                                                     2004             2003
                                                                     ----             ----
   Assets

<S>                                                           <C>                <C>
Cash and cash equivalents                                     $   36,873,936     $  15,908,041
Investments in operating leases:
   Equipment, at cost                                             81,458,147         2,880,000
   Accumulated depreciation                                      (4,109,572)          (219,423)
                                                              --------------     ------------

                                                                  77,348,575         2,660,577
                                                              --------------     -------------

Escrow deposits                                                      976,000             -
Equipment held for sale or lease, net                                503,108           665,321
Prepaid service fees, net                                          4,328,238         1,417,995
Due from affiliates                                                  168,593                38
Investments in joint ventures                                        377,607             -
Other assets                                                         132,482             -
                                                              --------------     -------------

Total assets                                                  $  120,708,539     $  20,651,972
                                                              ==============     =============

   Liabilities and Members' Equity

Notes payable - non-recourse                                  $   50,062,856     $       -
Security deposits and other liabilities                              570,604           233,524
Deferred rental income                                             1,226,528             -
Member refunds payable                                                45,000           203,000
Due to Manager and affiliates                                        151,909            50,159
Minority interest                                                  1,304,679             -
                                                              --------------     -------------

Total liabilities                                                 53,361,576           486,683
                                                              --------------     --------------

Commitments and Contingencies

Members' equity:
   Manager (one share outstanding,
    $1,000 per share original issue price)                          (52,656)            (3,092)
   Additional members (83,427.834 and 23,784.330 shares
     outstanding,  $1,000 per share original issue price)         67,399,619        20,168,381
                                                              --------------     -------------

Total members' equity                                             67,346,963        20,165,289
                                                              --------------     -------------

Total liabilities and members' equity                         $  120,708,539     $  20,651,972
                                                              ==============     =============

</TABLE>


See accompanying notes to consolidated financial statements.
<PAGE>


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

                      Consolidated Statements of Operations
                                   (Unaudited)

<TABLE>
<CAPTION>


                                                                  For the Period                    For the Period
                                                 For the Three         from         For the Nine         from
                                                 Months Ended    August 22, 2003    Months Ended    August 22, 2003
                                                 September 30,    (Commencement     September 30,   (Commencement
                                                     2004         of Operations)        2004         of Operations)
                                                     ----              to               ----              to
                                                                September 30, 2003               September 30, 2003
                                                                ------------------               ------------------

<S>                                            <C>              <C>               <C>              <C>
Revenues:
   Rental income                               $     3,736,412  $         91,930  $     6,520,570  $      91,930
   Interest  income                                     -                  2,856           -               2,856
   Net gain on sale of equipment                        -                 -                18,893         -
   Income from investment in joint venture               3,275            -                 3,275         -
                                               ---------------  ----------------  ---------------   -------------


Total revenues                                       3,739,687            94,786        6,542,738         94,786
                                               ---------------   ---------------  ---------------    ------------

Expenses:
   Depreciation expense                              3,029,065            68,525        5,383,047         68,525
   Amortization of prepaid service fees                458,584            -               968,844         -
   Interest                                            688,135            -               886,008         -
   Management fees - Manager                           192,407            -               460,101         -
   Administrative expense reimbursements
    - Manager                                          319,220            -               850,571         -
   General and administrative                           50,977            30,647           98,124         30,647
   Minority interest                                    11,094            -                28,186         -
                                               ---------------  ----------------  ---------------  -------------

Total expenses                                       4,749,482            99,172        8,674,881         99,172
                                               ---------------  ----------------  ---------------  --------------

Net loss                                       $    (1,009,795) $         (4,386) $    (2,132,143) $      (4,386)
                                               ===============  ================  ===============  =============

Net loss allocable to:
   Managing member                             $       (10,098) $            (44) $       (21,321) $         (44)
   Additional members                                 (999,697)           (4,342)      (2,110,822)        (4,342)
                                               ---------------  ----------------  ---------------  -------------

                                               $    (1,009,795) $         (4,386) $    (2,132,143) $      (4,386)
                                               ===============  ================  ===============  ==============
Weighted average number of
   additional members shares                            70,350             7,259           49,674          7,259
                                                ==============  ================  ===============  =============

Net loss per weighted average
   additional members share                    $        (14.21) $           (.60) $        (42.49) $       (.60)
                                               ===============  ================  ===============  =============

</TABLE>




See accompanying notes to consolidated financial statements.

<PAGE>


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

              Consolidated Statement of Changes in Members' Equity

                  For the Nine Months Ended September 30, 2004
                                   (Unaudited)


<TABLE>
<CAPTION>


                                 Additional Members' Distributions
                                 ---------------------------------
                                      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 (59,678.505 shares)                                     59,678,505            -       59,678,505

Sales and offering expenses                                             (7,512,310)           -       (7,512,310)

Additional member shares redeemed                                          (33,896)           -          (33,896)

Cash distributions to members         $ 56.17       $    -              (2,790,239)      (28,243)     (2,818,482)

Net loss                                                                (2,110,822)      (21,321)     (2,132,143)
                                                                   ---------------  ------------  --------------

Balance at September 30, 2004                                      $    67,399,619  $    (52,656) $   67,346,963
                                                                   ===============  ============= ==============

</TABLE>





See accompanying notes to consolidated financial statements.
<PAGE>

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

                      Consolidated Statements of Cash Flows
                                   (Unaudited)



<TABLE>
<CAPTION>

                                                                                           For the Period
                                                                                        from August 22, 2003
                                                                          For The Nine     (Commencement
                                                                          Months Ended     of Operations)
                                                                          September 30,   to September 30,
                                                                              2004             2003
                                                                              ----             ----
<S>                                                                    <C>               <C>
Cash flows from operating activities:
  Net loss                                                             $   (2,132,143)    $       (4,386)
                                                                       ---------------    ---------------

Adjustments to reconcile net loss to
     net cash provided by operating activities:
       Rental income paid directly to lenders by lessees                   (4,700,646)         -
       Interest expense on non-recourse financing paid directly
         to lenders by lessees                                                886,008          -
       Depreciation expense                                                 5,383,047             68,525
       Amortization of prepaid service fees                                   968,844          -
       Gain on sale of equipment                                              (18,893)         -
       Income from investment in joint venture                                 (3,275)         -
       Minority interest                                                       28,186          -
       Changes in operating assets and liabilities:
         Other assets                                                        (132,482)         -
         Security deposits and other liabilities                              150,231          -
         Deferred rental income                                               478,262          -
         Due to Manager and affiliates, net                                    99,470            174,929
                                                                       ---------------    ---------------

       Total adjustments                                                    3,138,752            243,454
                                                                       ---------------    ---------------

Net cash provided by operating activities                                    1,006,609           239,068
                                                                       ---------------    ---------------

Cash flows from investing activities:
   Investments in operating leases,
     net of security deposits assumed                                     (29,857,650)        (2,730,000)
   Investment in equipment held for sale or lease                              -                (720,000)
   Prepaid services fees paid                                              (3,879,087)         -
   Proceeds from sale of equipment                                             61,000          -
   Sale of interest in joint venture                                        2,130,604          -
                                                                       ---------------    ---------------

Net cash used in investing activities                                     (31,545,133)        (3,450,000)
                                                                       ---------------    ---------------

Cash flows from financing activities:
   Issuance of additional members shares, net of
     sales and offering expenses paid                                      52,166,195          7,486,479
   Cash distributions to members                                           (2,818,482)           (44,237)
   Member shares redeemed                                                     (33,896)         -
   Minority interest contribution in consolidated joint venture             2,348,602          -
   Member refunds payable                                                    (158,000)         -
                                                                       --------------     --------------

Net cash provided by financing activities                                  51,504,419          7,442,242
                                                                       --------------     --------------

Net increase in cash and cash equivalents                                  20,965,895          4,231,310

Cash and cash equivalents at beginning of period                           15,908,041              1,000
                                                                       --------------     --------------

Cash and cash equivalents at end of period                             $   36,873,936     $    4,232,310
                                                                       ==============     ==============

</TABLE>


                                                        (continued on next page)
<PAGE>

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

                Consolidated Statements of Cash Flows (Continued)
                                   (Unaudited)

Supplemental disclosures of non-cash investing and financing activities:
------------------------------------------------------------------------

<TABLE>
<CAPTION>

                                                                                              For The Period
                                                                                           From August 22, 2003
                                                                          For The Nine       (Commencement Of
                                                                          Months Ended        Operations) to
                                                                          September 30,        September 30,
                                                                              2004                  2003
                                                                              ----                  ----

<S>                                                                    <C>                   <C>
Non-cash portion of equipment purchased                                $     70,057,207      $          -

Non-recourse notes assumed in purchase of operating leases                  (70,057,207)                -
                                                                       ----------------      -----------------

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


Equipment transferred  in connection with                              $    (15,216,101)     $          -
   the execution of an option agreement

Non-recourse notes transferred in connection with
   the execution of an option agreement                                       15,216,101                -
                                                                       -----------------     ------------------

                                                                       $         -           $          -
                                                                       ------------------    -----------------


Other liabilities assumed in connection with
   the acquisition of equipment                                        $        (152,849)               -
                                                                       =================     ==================


Rental income from operating leases
   paid directly to lender by lessee                                   $       4,700,646     $          -

Deferred rental income on operating leases
   paid directly to lenders by lessees, net                                      919,431                -

Principal and interest on non-recourse debt paid directly
   to lenders by lessees                                                      (5,620,077)               -
                                                                       -----------------     ------------------

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

Interest expense on non-recourse financing accrued
   or paid directly to lenders by lessees                              $         886,008     $          -
                                                                       =================     =================

</TABLE>


See accompanying notes to condensed consolidated financial statements.

<PAGE>

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

                   Notes to Consolidated Financial Statements

                               September 30, 2004
                                   (Unaudited)

1.   Basis of Presentation and Consolidation

     The accompanying  consolidated  financial  statements have been prepared in
accordance with accounting principles generally accepted in the United States of
America  for  interim  financial  information  and  pursuant  to the  rules  and
regulations of the Securities and Exchange Commission (the "SEC") for Form 10-Q.
Accordingly,  they do not include all of the information and footnotes  required
by accounting  principles generally accepted in the United States of America for
complete  financial  statements.  In the opinion of management,  all adjustments
(consisting only of normal recurring accruals)  considered  necessary for a fair
presentation have been included.  These consolidated financial statements should
be read in  conjunction  with the  consolidated  financial  statements and notes
included  in the LLC's 2003  Annual  Report on Form 10-K.  The  results  for the
interim period are not necessarily indicative of the results for the full year.

     The accompanying  consolidated financial statements include the accounts of
ICON Income Fund Ten, LLC and its ownership interest in ICON GeicJV at September
30, 2004 and for the period April 30, 2004 through  September  30, 2004 and ICON
Aircraft  46837,  LLC for the period  from April 1, 2004 to June 30,  2004.  All
intercompany balances and transactions have been eliminated in consolidation.

2.   Organization

     ICON  Income  Fund Ten,  LLC (the "LLC") was formed on January 2, 2003 as a
Delaware  limited  liability  company for the purpose of acquiring  equipment to
engage in equipment leasing and sales activities.

     The  Manager  of  the  LLC,  ICON  Capital  Corp.  (the  "Manager"),  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.

     The initial  capitalization  of the LLC was $1,000 provided by the Managing
Member,  which is also a 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
additional members holding 5,065.736 member shares,  representing  $5,065,736 in
capital  contributions.  At September  30, 2004 the LLC had admitted  additional
members holding 78,362.098 member shares (net of 33.896 additional member shares
redeemed), representing $78,362,098 in capital contributions. Since commencement
of operations on August 22, 2003,  total capital  contributions  and  additional
member shares are $83,427,834 and 83,427.834, respectively.

3.   Investments in Joint Ventures

     An investment  where the LLC owns 50% or less of the ownership  interest of
another  entity is recorded  using the equity  method.  Under this  method,  the
initial  investment is recorded at cost and is increased or decreased to reflect
the LLC's share of income,  losses and  dividends  actually  paid. An investment
where the LLC owns more than 50% of the ownership  interest of another entity is
consolidated  with the LLC and  minority  interest  is  recorded  to reflect the
ownership of the minority venturer.

     Minority Interest

     Minority interest represents the minority venturer's proportionate share of
the equity of ICON  GeicJV,  which was 26% at September  30, 2004.  The minority
interest is adjusted for the minority  venturer's  share of the earnings or loss
of the joint venture.

<PAGE>

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

                   Notes to Consolidated Financial Statements

                               September 30, 2004
                                   (Unaudited)

4.   Joint Ventures

     The LLC and its affiliates formed two joint ventures,  discussed below, for
the  purpose  of  acquiring  and  managing  various  assets.  The LLC and  these
affiliates have substantially identical investment objectives and participate on
the same terms and  conditions.  The LLC and the other  joint  venturers  have a
right of first refusal to purchase the equipment, on a pro-rata basis, if any of
the other joint  venturers  desire to sell their  interests in the  equipment or
joint venture.

     The joint venture  described  below is majority  owned and is  consolidated
with the LLC.

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

     On April 30, 2004 the LLC and ICON Income Fund Nine, LLC ("Fund Nine"),  an
entity also managed by ICON Capital Corp., formed a joint venture,  ICON GeicJV,
for the purpose of purchasing  information  technology equipment on a three year
lease  with  Government  Employees  Insurance  Company  ("GEICO").  The LLC paid
$4,330,626,  in cash, for its 74% ownership  interest in the joint venture.  The
LLC has a right of first refusal to purchase the equipment, on a pro-rata basis,
if Fund Nine desires to sell its interest in the equipment or joint venture.

     The joint venture  described  below is less than 50% owned and is accounted
for under the equity method.

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

     On March 31, 2004 the LLC and ICON Income  Fund Eight A L.P.  ("Fund  Eight
A"), an entity also managed by ICON Capital Corp., formed a joint venture,  ICON
Aircraft 46837, LLC ("ICON Aircraft 46837"), for the purpose of acquiring a 1979
McDonnell  Douglas  DC-10-30F  aircraft on lease to Federal Express  Corporation
("FedEx")  with a remaining  lease term of 33 months.  The LLC  acquired a 71.4%
ownership  interest in this joint venture for a total of $2,466,226 in cash. The
aircraft  owned by ICON  Aircraft  46837 is subject to  non-recourse  debt which
accrues  interest at 4.0% per annum 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.

     In  connection  with the  formation  of the  joint  venture,  Fund  Eight A
acquired  an  option  from the LLC to  acquire  an  additional  61.4%  ownership
interest in ICON  Aircraft  46837 from the LLC.  During the third  quarter 2004,
this  option  was  exercised  by Fund  Eight A and the  LLC  sold  61.4%  of its
ownership  interest to Fund Eight A. The exercise  price was  $2,296,879 and the
LLC received  $2,130,604 and is due another $166,275.  There was no gain or loss
on this  transaction.  The LLC now accounts for this investment using the equity
method of accounting.

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

                   Notes to Consolidated Financial Statements

                               September 30, 2004
                                   (Unaudited)

     Information  as to the  unaudited  results of  operations  of ICON Aircraft
46837 for the nine months ended September 30, 2004 is summarized below:

Net income                                           $          53,716
                                                     =================
Partnership's share of net income                    $           3,275
                                                     =================
Contributions                                        $       3,722,347
                                                     =================
Partnership's share of net contributions             $         359,360
                                                     =================

5.  Related Party Transactions

     The LLC has entered into certain  agreements with ICON Securities  Corp., a
subsidiary of the Manager, and the Manager whereby the LLC pays certain fees and
reimbursements to those parties.

     Fees  and  expenses  paid  or  accrued  by the  LLC to the  Manager  or its
affiliates for the nine months ended  September 30, 2004 and for the period from
August 22,  2003  (commencement  of  operations)  to  September  30, 2003 are as
follows:

<TABLE>
<CAPTION>

                                           2004            2003
                                           ----            ----

<S>                                     <C>              <C>           <C>
Prepaid service fees                    $  3,879,087    $   608,276    Capitalized
Organization and offering expenses         1,544,484        327,533    Charged to members' equity
Underwriting commissions                   1,193,565        187,162    Charged to members' equity
Management fees                              460,101           -       Charged to operations
Administrative expense reimbursements        850,571           -       Charged to operations
                                        ------------    -----------

Total                                   $  7,927,808    $ 1,122,971
                                        ============    ===========

</TABLE>

     Included in the balance  sheet item Due to Manager and  affiliates is a net
payable of $70,515 due to the Manager for sales and offering  expenses,  $25,004
due to ICON Securities Corp. for underwriting  commissions,  $56,390 due to Fund
Nine for a joint venture investment, $166,275 due from Fund Eight A for the sale
of a portion of the LLC's  interest in a joint  venture and $2,318 due from ICON
Income Fund Eight B L.P. ("Fund Eight B") for operating expenses.

     As part of the  Comerica  Bank  Loan  and  Security  Agreement,  there is a
Contribution Agreement between the LLC, ICON Cash Flow Partners L.P. Seven, Fund
Eight A, Fund Eight B and Fund Nine (each a "Borrower"  and  collectively,  "the
Borrowers").  Under the  Contribution  Agreement  each  Borrower  is jointly and
severalty liable for all amounts  outstanding to Comerica Bank. The Contribution
Agreement  allows a Borrower to repay another  Borrowers  obligation to Comerica
Bank so  long as the  repaid  amounts  are  promptly  reimbursed  to the  paying
Borrower. The LLC currently has no borrowings under this agreement.

6.  Investments in Operating Leases and Notes Payable - Non-Recourse

     During  June  2004,  the LLC,  through  two  wholly-owned  special  purpose
entities, ICON Containership I, LLC and ICON Containership II, LLC, acquired two
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
each of the vessels.  The bareboat charter agreement expires June 23, 2009, with
an option to extend the lease for two one-year extensions.

<PAGE>

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

                   Notes to Consolidated Financial Statements

                               September 30, 2004
                                   (Unaudited)

6.   Investments  in  Operating  Leases  and  Notes  Payable  -  Non-Recourse  -
     continued

     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 is cross  collateralized  with a fixed interest rate of 5.36%
per annum 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.  The  outstanding  non-recourse
debt balance was $50,062,856 at September 30, 2004.

     During  July  2004,  the LLC  purchased  additional  equipment  subject  to
operating  leases for  $1,309,951  in cash.  The  equipment  consists of Hussman
refrigeration equipment which is on lease to P.W. Supermarkets, Inc. The monthly
rental payment is $44,411 for a three-year  period,  commencing  August 6, 2004,
with an option to extend the lease for one additional year.

<PAGE>

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.  We believe
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 our 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.  Our 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 our 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 our current level of
     expenses and debt obligations;

o    the financial condition of lessees; and

o    lessee defaults.

a.   Overview

     We are an equipment  leasing  business  formed on January 2, 2003 and began
active  operations  on August 22, 2003.  We primarily  engage in the business of
acquiring  equipment  subject  to  lease  and,  to a  lesser  degree,  acquiring
ownership rights to items of leased equipment at lease  expiration.  Some of our
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 our 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.

     We expect to invest most of the net proceeds from 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 our initial  investments to the extent that cash is not
needed for expenses,  reserves and distributions to investors. The investment in
additional  equipment  in this manner is called  "reinvestment."  We  anticipate
purchasing  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",  we will then sell our assets in
the  ordinary  course of business  during a time frame  called the  "liquidation
period".  If we believe it would benefit  investors to reinvest our cash flow in
equipment during the liquidation  period,  we 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 after the end of the reinvestment
period, 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.

     Our current  equipment  portfolio,  which we own directly or through  joint
venture investments with affiliates, consists of the following:

o    Boeing 767 aircraft  rotables and accessories,  of which  approximately 80%
     are on lease to  Flugfelagid  Atlanta  hf,  which is doing  business as Air
     Atlanta  Icelandic ("Air Atlanta") with a lease expiration date of November
     30,  2004.  This  portion of the  equipment  is currently in the process of
     being remarketed.  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 $503,108.  The
     equipment was originally purchased for $3,600,000 in cash.

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) $18,400,000 in cash, and (ii)  $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  Government  Employees  Insurance
     Company ("GEICO"). The expiration of the lease is March 31, 2007. Our share
     of the purchase price was $4,330,626 in cash.

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

o    Hussman refrigeration  equipment on lease to P.W.  Supermarkets,  Inc. ("PW
     Supermarkets")  with an  expiration  date of July 2007.  The  equipment was
     originally purchased for $1,309,951 in cash.

     Substantially all of our recurring  operating cash flows are generated from
the operations of the "income"  leases in our 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  September 30, 2004,  we raised  approximately
$59,678,000 through the issuance of approximately 59,678 units. At September 30,
2004,  approximately  66,500 units  remain  available  for sale  pursuant to the
offering agreement.

<PAGE>

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.  We foresee an increase in
capital spending by corporations  through 2007 which should increase the pool of
available  secondary  market  leases,  and to that end, we believe there will be
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 our
aircraft  interests.   It  does  not  appear  that  the  industry  will  recover
significantly  in the very near future,  although we are optimistic  that within
two to three years,  there will be a recovery.  However,  a further weakening of
the  industry  could  cause the  proceeds  realized  from the future sale of our
aircraft and its rotables to be even less than suggested by recent appraisals.

     b. Results of Operations for the Three Months Ended  September 30, 2004 and
for the Period from August 22, 2003  (Commencement  of  Operations) to September
30, 2003

Revenues

     Revenues  for the three months ended  September  30, 2004 ("2004  Quarter")
were  $3,739,687,  comprised  of  rental  income of  $3,736,412  and a gain from
investment in joint ventures of $3,275.  Revenues for the period from August 22,
2003  (commencement  of operations) to September 30, 2003 ("2003  Quarter") were
$94,786,  comprised of rental  income of $91,930 and interest  income of $2,856.
The increase in revenues from the 2003 Quarter to the 2004 Quarter  reflects the
overall increase in both income and growth leases.  The GEICO lease is an income
lease while the ZIM leases and FedEx lease are growth leases.

     ------------------------------ --------------------- ------------------
                                         2004 Quarter         2003 Quarter
     ------------------------------ --------------------- ------------------
     ------------------------------ --------------------- ------------------
     Total Revenue                        $3,739,687            $94,786
     ------------------------------ --------------------- ------------------
     ------------------------------ --------------------- ------------------
     Rental income                        3,736,412              91,930
     ------------------------------ --------------------- ------------------
     ------------------------------ --------------------- ------------------
     Interest income                          -                  2,856
     ------------------------------ --------------------- ------------------
     ------------------------------ --------------------- ------------------
     Income from investment in
     joint venture                          3,275                  -
     ------------------------------ --------------------- ------------------

<PAGE>

Expenses

     Expenses for the 2004 Quarter were  $4,749,482,  comprised of  depreciation
and amortization expense of $3,487,649, interest expense of $688,135, management
fees - Manager of $192,407,  administrative  expense reimbursements - Manager of
$319,220,  general and administrative expenses of $50,977, and minority interest
of  $11,094.   Expenses  for  the  2003  Quarter  were  $99,172,   comprised  of
depreciation of $68,525 and general and administrative expenses of $30,647.

     Our  largest  expense is  depreciation  and  amortization.  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  and
amortization expense and other operating expenses.

---------------------------------------- -------------- -----------------------
                                          2004 Quarter          2003 Quarter
---------------------------------------- -------------- -----------------------
---------------------------------------- -------------- -----------------------
Total Operating Expenses                   $4,749,482             $99,172
---------------------------------------- -------------- -----------------------
---------------------------------------- -------------- -----------------------
Depreciation and amortization               3,487,649              68,525
---------------------------------------- -------------- -----------------------
---------------------------------------- -------------- -----------------------
Interest                                     688,135                 -
---------------------------------------- -------------- -----------------------
---------------------------------------- -------------- -----------------------
Management fees                              192,407                 -
---------------------------------------- -------------- -----------------------
---------------------------------------- -------------- -----------------------
Administrative expense reimbursements        319,220                 -
- Manager
---------------------------------------- -------------- -----------------------
---------------------------------------- -------------- -----------------------
General and administrative                   50,977                30,647
---------------------------------------- -------------- -----------------------
---------------------------------------- -------------- -----------------------
Minority interest                            11,094                  -
---------------------------------------- -------------- -----------------------

Net Income/Loss

     Net loss for the 2004  Quarter  and the 2003  Quarter  was  $1,009,795  and
$4,386, respectively. The net loss per weighted average additional member shares
was $14.21 and $.60 for the 2004  Quarter and 2003  Quarter,  respectively.  The
increase in net loss in the 2004  Quarter as compared to the 2003 Quarter is due
solely to the fact that we began our  reinvestment  phase of our  operations  on
August 22, 2003 and therefore had minimal operations for the 2003 Quarter.

-------------------------------- --------------- --------------------------
                                  2004 Quarter             2003 Quarter
-------------------------------- --------------- --------------------------
-------------------------------- --------------- --------------------------
Net loss                           $1,009,795                 $4,386
-------------------------------- --------------- --------------------------
-------------------------------- --------------- --------------------------
Net loss per weighted average
number of additional members
shares                                  14.21                   0.60
-------------------------------- --------------- --------------------------

<PAGE>

     c. Results of Operations  for the Nine Months Ended  September 30, 2004 and
for the Period from August 22, 2003  (Commencement  of  Operations) to September
30, 2003

Revenues

     Revenues for the nine months ended  September 30, 2004 ("2004 Period") were
$6,542,738,  comprised  of  rental  income of  $6,520,570,  net gain on sales of
equipment of $18,893,  and income from  investments in joint ventures of $3,275.
Revenues for the period from August 22, 2003  (commencement  of  operations)  to
September 30, 2003 ("2003  Period") were $94,786,  comprised of rental income of
$91,930 and interest  income of $2,856.  The increase in revenues  from the 2003
Period to the 2004  Period  reflects  the  overall  increase  in both income and
growth leases. The GEICO lease is an income lease while the ZIM leases and FedEx
lease are growth leases.

-------------------------------- --------------- -----------------------
                                    2004 Period            2003 Period
-------------------------------- --------------- -----------------------
-------------------------------- --------------- -----------------------
Total Revenue                       $6,542,738               $94,786
-------------------------------- --------------- -----------------------
-------------------------------- --------------- -----------------------
Rental income                        6,520,570                91,930
-------------------------------- --------------- -----------------------
-------------------------------- --------------- -----------------------
Interest income                          -                    2,856
-------------------------------- --------------- -----------------------
-------------------------------- --------------- -----------------------
Net gain on sale of equipment           18,893                   -
-------------------------------- --------------- -----------------------
-------------------------------- --------------- -----------------------
Income from investment in
joint ventures                           3,275                    -
-------------------------------- --------------- -----------------------

Expenses

     Expenses  for the 2004  Period  were  $8,674,881,  comprised  primarily  of
depreciation  and  amortization  expense  of  $6,351,891,  interest  expense  of
$886,008,  management  fees  -  Manager  of  $460,101,   administrative  expense
reimbursements  - Manager of $850,571,  general and  administrative  expenses of
$98,124 and  minority  interest of  $28,186.  Expenses  for the 2003 Period were
$99,172  comprised  of  depreciation  of $68,525 and general and  administrative
expenses of $30,647.

     Our  largest  expense is  depreciation  and  amortization.  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  and
amortization expense and other operating expenses.

---------------------------------------- -------------- ---------------------
                                           2004 Period          2003 Period
---------------------------------------- -------------- ---------------------
---------------------------------------- -------------- ---------------------
Total Operating Expenses                   $8,674,881             $99,172
---------------------------------------- -------------- ---------------------
---------------------------------------- -------------- ---------------------
Depreciation and amortization               6,351,891              68,525
---------------------------------------- -------------- ---------------------
---------------------------------------- -------------- ---------------------
Interest                                     886,008                 -
---------------------------------------- -------------- ---------------------
---------------------------------------- -------------- ---------------------
Management fees                              460,101                 -
---------------------------------------- -------------- ---------------------
---------------------------------------- -------------- ---------------------
Administrative expense reimbursements
- Manager                                    850,571                 -
---------------------------------------- -------------- ---------------------
---------------------------------------- -------------- ---------------------
General and administrative                   98,124                30,647
---------------------------------------- -------------- ---------------------
---------------------------------------- -------------- ---------------------
Minority interest                            28,186                  -
---------------------------------------- -------------- ---------------------

<PAGE>

Net Loss

     Net loss for the 2004 Period and the 2003 Period was $2,132,143 and $4,386,
respectively.  The net loss per weighted  average  additional  member shares was
$42.49  and $.60 for the  2004  Quarter  and  2003  Quarter,  respectively.  The
increase  in net loss in the 2004  Period as  compared to the 2003 Period is due
solely to the fact that we began our  reinvestment  phase of our  operations  on
August 22, 2003 and therefore had minimal operations for the 2003 Period.


-------------------------------- ----------------- -----------------------
                                     2004 Period             2003 Period
-------------------------------- ----------------- -----------------------
-------------------------------- ----------------- -----------------------
Net loss                              $2,132,143                $4,386
-------------------------------- ----------------- -----------------------
-------------------------------- ----------------- -----------------------
Net loss per weighted average
number of additional members
shares
                                          42.49                   0.60
-------------------------------- ----------------- -----------------------

d.   Liquidity and Capital Resources

Cash Requirements

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

Sources of Cash

     Operations

     For the nine  months  ended  September  30,  2004,  our  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 $52,166,195.  These funds, as
well as funds held in reserve by us, were used primarily in investing activities
for the  investment  in  equipment.  Equipment  subject to operating  leases was
purchased for $26,125,301.  We expect to continue acquiring equipment subject to
lease, and also make other types of related investments.


Financings and Recourse Borrowings

     Certain affiliates of ours, specifically;  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,
effective  August 5,  2004,  was  amended  to add us as a  borrower  to the Loan
Agreement. 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  our addition 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  contain  substantially  identical  terms  and
limitations as did the original Contribution Agreement.

     Aggregate  borrowings  by all  funds  under  the line of  credit  agreement
amounted to $9,417,992  at September  30, 2004. We currently  have no borrowings
under this line.

<PAGE>

Distributions

     We made cash  distributions to members of $2,818,482 during the nine months
ended  September  30,  2004.  Such  distributions  are  reflected as a return of
capital, as we recorded a loss for the period.

Capital Resources

     We are an investment vehicle formed for the purpose of acquiring and owning
equipment leases and the related business essential equipment.  At September 30,
2004,  we were  holding  net  offering  proceeds  of  approximately  $36,870,000
available  for such  investments.  At this time,  the  Manager is unaware of any
specific need requiring capital resources to us.

Uncertainties

     At September  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,  we will
continue  to  invest  in  additional  leasing   transactions,   while  retaining
sufficient cash to meet our reserve requirements and recurring obligations.

e.   Inflation and Interest Rates

     The  potential  effect of inflation  on us is difficult to predict.  If the
general economy  experiences  significant rates of inflation,  however, it could
affect us 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 we do not currently have or expect to have rent  escalation
clauses tied to inflation in our 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 our 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 we 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.

<PAGE>

Item 3.  Qualitative and Quantitative Disclosures About Market Risk

     We are exposed to certain market risks, including changes in interest rates
and the demand for equipment (and the related residuals) owned by us.

     We attempt to manage our 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.

     We  attempt  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

     We  carried  out  an  evaluation,   under  the  supervision  and  with  the
participation  of management of ICON Capital Corp.,  our Manager,  including the
Chief Executive Officer and the Principal  Financial and Accounting  Officer, of
the  effectiveness  of the design and operation of our  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
disclosure controls and procedures were effective.

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

PART II - OTHER INFORMATION
---------------------------

Item 1 - Legal Proceedings
-------------------------

     From time-to-time,  in the ordinary course of business,  we are involved in
legal  actions  when  necessary  to protect or enforce our rights.  We are not a
defendant  party to any pending  litigation  and are not aware of any pending or
threatened litigation against the Partnership.

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

     We 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>

                                   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 15, 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 15, 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 15, 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>



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  September 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 15, 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>

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  September 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 15, 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