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

                                    FORM 10-K

[ X ] Annual Report  Pursuant to Section 13 or 15(d) of the Securities  Exchange
      Act of 1934 [Fee Required]

For the fiscal year ended                   December 31, 1999
                          ------------------------------------------------------
                                                        or

[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange
    Act of 1934 [Fee Required]

For the transition period from _____________________ to ________________________

Commission File Number                       0-27904
                       ---------------------------------------------------------

                     ICON Cash Flow Partners, L.P., Series C
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

        Delaware                                                13-3575099
--------------------------------------------------------------------------------
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                            Identification Number)

              111 Church Street, White Plains, New York 10601-1505
--------------------------------------------------------------------------------
              (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code            (914) 993-1700
                                                   -----------------------------
Securities registered pursuant to Section 12(b) of the Act:     None

Title of each class                                    Name of each exchange on
                                                            which registered

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------


Securities registered pursuant to Section 12(g) of the Act:
  Units of Limited Partnership Interests

--------------------------------------------------------------------------------
                                (Title of class)

--------------------------------------------------------------------------------
                                (Title of class)

         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


<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                                December 31, 1999

                                TABLE OF CONTENTS

Item                                                                      Page

PART I

1.   Business                                                              3-4

2.   Properties                                                              5

3.   Legal Proceedings                                                       5

4.   Submission of Matters to a Vote of Security Holders                     5

PART II

5.   Market for the Registrant's Securities and Related
     Security Holder Matters                                                 5

6.   Selected Financial and Operating Data                                   6

7.   General Partner's Discussion and Analysis of Financial
     Condition and Results of Operations                                   7-9

8.   Financial Statements and Supplementary Data                         10-25

9.   Changes in and Disagreements with Accountants on
     Accounting and Financial Disclosure                                    26

PART III

10.  Directors and Executive Officers of the Registrant's
     General Partner                                                     26-27

11.  Executive Compensation                                                 27

12.  Security Ownership of Certain Beneficial Owners
     and Management                                                         28

13.  Certain Relationships and Related Transactions                         28

PART IV

14.  Exhibits, Financial Statement Schedules and Reports on Form 8-K        29

SIGNATURES                                                                  30


<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                                December 31, 1999

PART I

Item 1.  Business

General Development of Business

     ICON Cash Flow Partners,  L.P., Series C (the  "Partnership") was formed in
June 1990 as a Delaware limited partnership.  The Partnership commenced business
operations on its initial  closing date,  January 3, 1991, with the admission of
15,249.37 limited  partnership units.  Between January 4, 1991 and June 21, 1991
(the final closing date), 184,750.63 additional units were admitted bringing the
final admission to 200,000 units totaling $20,000,000 in capital  contributions.
Between 1993 and 1997, the Partnership redeemed 1,755 limited partnership units.
In 1998 the Partnership  redeemed 208 units, leaving 198,037 limited partnership
units outstanding at December 31, 1998 and 1999, respectively.  The sole general
partner is ICON Capital Corp. (the "General Partner").

     The Partnership's  original  reinvestment  period was to expire on June 19,
1996, five years after the final closing date. The General Partner distributed a
definitive  consent statement to the limited partners to solicit approval of two
amendments to the Partnership  agreement.  A majority of the limited partnership
units outstanding responded affirmatively and the amendments were adopted. These
amendments are effective from and after June 19, 1996 and include: (1) extending
the reinvestment  period for a maximum of four and one half additional years and
likewise  delaying  the  start  and  end  of the  liquidation  period,  and  (2)
eliminating the Partnership's obligation to pay the General Partner a portion of
accrued and unpaid  management  fees, and any additional  management  fees which
would otherwise  accrue.  The previously  accrued and unpaid  management fees of
$105,000  were  paid  to the  General  Partner  in  1999.  The  General  Partner
subsequently  remitted  this amount  back to the  Partnership  as an  additional
capital contribution.

Narrative Description of Business

     The  Partnership  is  an  equipment  leasing  income  fund.  The  principal
investment objective of the Partnership is to obtain the maximum economic return
from its  investments for the benefit of its limited  partners.  To achieve this
objective  the  Partnership  has and  intends  to  continue  to:  (1)  acquire a
diversified portfolio of short-term,  high-yield  investments;  (2) make monthly
cash distributions to its limited partners from cash from operations, commencing
with  each  limited  partner's  admission  to  the  Partnership,  when  cash  is
available,   continuing   through  the   reinvestment   period;   (3)  re-invest
substantially  all  undistributed  cash from  operations  and cash from sales in
additional equipment and financing  transactions during the reinvestment period;
and (4) sell the Partnership's investments and distribute the cash from sales of
such investments to its limited partners during the liquidation period.


<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                                December 31, 1999

     The equipment  leasing  industry is highly  competitive.  In initiating its
leasing   transactions   the  Partnership   competes  with  leasing   companies,
manufacturers that lease their products directly,  equipment brokers and dealers
and financial institutions,  including commercial banks and insurance companies.
Many  competitors  are larger than the  Partnership  and have greater  financial
resources.

     The Partnership has no direct  employees.  The General Partner has full and
exclusive discretion in management and control of the Partnership.

Lease and Financing Transactions

     The  Partnership  did not lease or finance any new  equipment for the years
ended  December 31, 1999 and 1998.  At December 31, 1999,  the weighted  average
initial  transaction  term of the  portfolio  was 58  months.  A summary  of the
portfolio  equipment  cost by category  held at December 31, 1999 and 1998 is as
follows:
<TABLE>

                                           December 31, 1999           December 31, 1998
                                           -----------------           -----------------

Category                                Cost         Percent       Cost        Percent

<S>                                  <C>              <C>       <C>              <C>
Restaurant equipment .............   $  657,423       30.1%     $1,242,630       34.1%
Computer systems .................      551,423       25.3         978,136       26.8
Manufacturing & production .......      252,449       11.6         378,526       10.4
Printing .........................      223,231       10.2         237,459        6.5
Medical ..........................      159,469        7.3         186,032        5.1
Office furniture & fixtures ......      119,242        5.5         232,067        6.3
Video production .................       65,815        3.0          95,511        2.6
Copiers ..........................       50,566        2.3          50,566        1.4
Telecommunications ...............       49,359        2.3         105,651        2.9
Automotive equipment .............       43,283        2.0          43,283        1.2
Retail systems ...................       10,164        0.4          38,844        1.1
Construction .....................         --          --           58,230        1.6
                                     ----------      -----      ----------      -----
                                     $2,182,424      100.0%     $3,646,935      100.0%
                                     ==========      =====      ==========      =====
</TABLE>

     The Partnership has one lease which individually  represented  greater than
10% of the total  portfolio  equipment  cost at December 31, 1999.  The lease is
with Hometown Buffet, Inc. The underlying  equipment is restaurant equipment and
the  purchase  price of the  equipment  represents  29% of the  total  portfolio
equipment cost at December 31, 1999.


<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                                December 31, 1999

Item 2.  Properties

     The  Partnership  neither owns nor leases office space or equipment for the
purpose of managing its day-to-day affairs.

Item 3.  Legal Proceedings

     The Partnership is not a party to any pending legal proceedings.

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

     No matters were  submitted to a vote of security  holders during the fourth
quarter of 1999.

PART II

Item 5.  Market for the  Registrant's  Securities  and Related  Security  Holder
         Matters

     The Partnership's limited partnership interests are not publicly traded nor
is there currently a market for the Partnership's limited partnership interests.
It is unlikely that any such market will develop.

                                           Number of Equity Security Holders
Title of Class                                     as of December 31,
--------------                             ---------------------------------
                                                 1999              1998
                                                 ----              ----

Limited partners                                1,741             1,733
General Partner                                     1                 1




<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                                December 31, 1999

Item 6.  Selected Financial and Operating Data
<TABLE>

                                                  Years Ended December 31,
                             ---------------------------------------------------------------

                                 1999         1998        1997         1996        1995
                                 ----         ----        ----         ----        ----

<S>                          <C>          <C>          <C>          <C>          <C>
Total revenues ...........   $  214,555   $  756,341   $  631,332   $1,170,549   $1,059,354
                             ==========   ==========   ==========   ==========   ==========

Net income ...............   $  128,503   $  773,695   $  978,533   $  923,727   $  400,885
                             ==========   ==========   ==========   ==========   ==========

Net income allocable to
  limited partners .......   $  127,218   $  765,958   $  968,748   $  914,490   $  396,876
                             ==========   ==========   ==========   ==========   ==========

Net income allocable to
  the General Partner ....   $    1,285   $    7,737   $    9,785   $    9,237   $    4,009
                             ==========   ==========   ==========   ==========   ==========

Weighted average
  limited partnership
  units outstanding ......      198,037      198,087      198,332      198,551      199,558
                             ==========   ==========   ==========   ==========   ==========

Net income per
  weighted average
  limited partnership unit   $      .64   $     3.87   $     4.88   $     4.61   $     1.99
                             ==========   ==========   ==========   ==========   ==========

Distributions to
  limited partners .......   $1,707,724   $1,782,770   $1,784,993   $1,786,992   $1,796,363
                             ==========   ==========   ==========   ==========   ==========

Distributions to the
  General Partner ........   $   17,247   $   18,017   $   18,030   $   18,050   $   18,144
                             ==========   ==========   ==========   ==========   ==========
</TABLE>

                                             December 31,
                   -------------------------------------------------------------

                      1999         1998         1997         1996        1995
                      ----         ----         ----         ----        ----

Total assets ...   $1,393,012   $3,079,477   $4,316,353   $6,643,704  $9,781,663
                   ==========   ==========   ==========   ==========  ==========

Partners' equity   $1,341,542   $2,833,010   $3,861,494   $4,691,747  $5,583,431
                   ==========   ==========   ==========   ==========  ==========

     The  above  selected  financial  and  operating  data  should  be  read  in
conjunction with the financial  statements and related notes appearing elsewhere
in this report.




<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                                December 31, 1999

Item 7. General  Partner's  Discussion  and Analysis of Financial  Condition and
        Results of Operations

     The  Partnership's  portfolio  consisted of a net investment in financings,
finance  leases  and  investment  in  joint  venture  of 60%,  31%,  9% of total
investments,  respectively,  at December  31, 1999 and 51%,  44% and 5% of total
investments, respectively, at December 31, 1998.

Results of Operations

Years Ended December 31, 1999 and 1998

     Revenues for the year ended December 31, 1999 were $214,555, representing a
decrease of $541,786 from 1998. The decrease in revenues resulted primarily from
a decrease in gain on sales of  equipment  of  $413,392,  a decrease in interest
income and other of $39,931  and a decrease in finance  income of  $94,421.  The
decrease was partially  offset by an increase in income from investment in joint
venture of $5,958. The gain on sales of equipment decreased due to a decrease in
the number of leases  maturing in which the  underlying  equipment was sold. The
decrease in interest  income and other  resulted  from a decrease in the average
cash balance from 1998 to 1999. The decrease in finance  income  resulted from a
decrease in the average  size of the  portfolio  from 1998 to 1999.  In December
1998, the Partnership  entered into a new joint venture,  however,  there was no
revenue  generated from such joint venture in 1998 compared to $5,958  generated
in 1999.

     Expenses for the year ended December 31, 1999 totaled $86,052, representing
an increase of $103,406 from 1998. The increase  resulted  primarily from a 1998
reversal of a $150,000  allowance  for  doubtful  accounts  which was  partially
offset by a decrease  in general  and  administrative  expense of $33,768  and a
decrease in administrative  expense  reimbursements  of $12,826.  Administrative
expense  reimbursements  decreased  due to a decrease in the average size of the
portfolio from 1998 to 1999. The reversal of the allowance for doubtful accounts
in 1998 resulted from an analysis of delinquency  trends, loss experience and an
assessment of overall credit risk.

     Net income for the years ended  December 31, 1999 and 1998 was $128,503 and
$773,695,  respectively. The net income per weighted average limited partnership
unit was $.64 and $3.87 for 1999 and 1998, respectively.


<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                                December 31, 1999

Years Ended December 31, 1998 and 1997

     Revenues for the year ended December 31, 1998 were  $756,341,  representing
an  increase of $125,009  or 20% from 1997.  The  increase in revenues  resulted
primarily  from an increase in net gain on sales or  remarketing of equipment of
$289,284 or 164% and an increase in interest  income and other of $20,084 or 20%
from 1997. The increase was partially  offset by a decrease in finance income of
$163,019 or 49% and a decrease in income from equity investment in joint venture
of $21,340 or 100%. The net gain on sales or remarketing of equipment  increased
due to an  increase  in the number of leases  maturing  in which the  underlying
equipment  was sold or  remarketed  and proceeds  received were in excess of the
remaining  carrying value of the equipment.  The increase in interest income and
other  resulted  from an increase in the average cash balance from 1997 to 1998.
The decrease in finance  income  resulted from a decrease in the average size of
the portfolio from 1997 to 1998.  The decrease in income from equity  investment
in  joint  venture  resulted  from the  Partnership's  1997  divestiture  of its
investment in a joint venture.  In December 1998, the Partnership entered into a
new joint  venture,  however,  there were no revenues  generated from such joint
venture in 1998.

     Expenses  for the year  ended  December  31,  1998  totaled a net credit of
$17,354,  representing  a change of $329,847  from 1997.  The change in expenses
resulted  primarily from a 1997 reversal of $471,463 of prior years' accrued and
unpaid management fees. The change in expenses also resulted from an increase in
general and  administrative  expense of $42,983 or 71% from 1997,  a decrease in
administrative  expense reimbursements of $29,711 or 50%, a decrease in interest
expense of $4,888 or 100%,  and a 1998  reversal of the  allowance  for doubtful
accounts of $150,000. The increase in general and administrative expense was due
to an increase in legal and other  professional  fees,  printing and tax related
expenses.  Administrative expense reimbursements  decreased due to a decrease in
the average size of the  portfolio  from 1997 to 1998.  The decrease in interest
expense  resulted from a decrease in the average debt  outstanding  from 1997 to
1998.  The reversal of the  allowance  for doubtful  accounts  resulted  from an
analysis of  delinquency  trends,  loss  experience and an assessment of overall
credit risk.

     Net income for the years ended  December 31, 1998 and 1997 was $773,695 and
$978,533,  respectively. The net income per weighted average limited partnership
unit was $3.87 and $4.88 for 1998 and 1997, respectively.

Liquidity and Capital Resources

     The Partnership's  primary sources of funds in 1999, 1998 and 1997 were net
cash provided by operations of $373,704,  $952,528 and $2,038,710,  and proceeds
from sales of equipment of $178,551, $646,783 and $621,621,  respectively. These
funds were used to fund cash distributions and make payments on borrowings.  The
Partnership intends to opportunistically purchase equipment until the end of the
extended  Reinvestment  Period  and  to  continue  to  fund  cash  distributions
utilizing cash provided by operations and proceeds from sales of equipment.



<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                                December 31, 1999

     Cash  distributions  to the limited  partners in 1999, 1998 and 1997, which
were paid monthly, totaled $1,707,724, $1,782,770 and $1,784,993,  respectively,
of which $127,218,  $765,958 and $968,748 was investment  income and $1,580,506,
$1,016,812  and  $816,245  was a return of  capital,  respectively.  The monthly
annualized cash distribution  rate for 1999, 1998 and 1997 was 8.62%,  9.00% and
9.00%, of which .64%, 3.87% and 4.88% was investment income and 7.98%, 5.13% and
4.12% was a return of capital, respectively,  calculated as a percentage of each
partners'  initial capital  contribution.  The limited partner  distribution per
weighted  average unit  outstanding in 1999, 1998 and 1997 was $8.62,  $9.00 and
$9.00, of which $.64, $3.87 and $4.88 was investment income and $7.98, $5.13 and
$4.12 was a return of capital, respectively.

     As of December 31, 1999, except as noted above,  there were no known trends
or demands,  commitments,  events or uncertainties  which are likely to have any
material  effect on  liquidity.  As cash is realized from  operations,  sales of
equipment and borrowings,  the Partnership  will invest in equipment  leases and
financings and make  distributions  to limited  partners where it deems it to be
prudent while  retaining  sufficient cash to meet its reserve  requirements  and
recurring obligations.




<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                                December 31, 1999


Item 8.  Financial Statements and Supplementary Data

                          Index to Financial Statements
                                                              Page Number

Independent Auditors' Report                                          12

Balance Sheets as of December 31, 1999 and 1998                       13

Statements of Operations for the Years Ended
  December 31, 1999, 1998 and 1997                                    14

Statements of Changes in Partners' Equity for
  the Years Ended December 31, 1999, 1998 and 1997                    15

Statements of Cash Flows for the Years Ended
  December 31, 1999, 1998 and 1997                                 16-18

Notes to Financial Statements                                      19-25


<PAGE>














                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                              Financial Statements

                                December 31, 1999

                   (With Independent Auditors' Report Thereon)


<PAGE>










                          INDEPENDENT AUDITORS' REPORT





The Partners
ICON Cash Flow Partners, L.P., Series C:

We have  audited the  accompanying  balance  sheets of ICON Cash Flow  Partners,
L.P.,  Series C (a Delaware  limited  partnership)  as of December  31, 1999 and
1998, and the related statements of operations,  changes in partners' equity and
cash flows for each of the years in the  three-year  period  ended  December 31,
1999. These financial  statements are the  responsibility  of the  partnership's
management.  Our  responsibility  is to express  an  opinion on these  financial
statements based on our audits.

We  conducted  our  audits  in  accordance  with  generally   accepted  auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects, the financial position of ICON Cash Flow Partners,  L.P.,
Series C as of December 31, 1999 and 1998, and the results of its operations and
its cash flows for each of the years in the three-year period ended December 31,
1999 in conformity with generally accepted accounting principles.



                                                /s/ KPMG LLP
                                                KPMG LLP





March 28, 2000
New York, New York


<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                                 Balance Sheets

                                  December 31,
<TABLE>

                                                              1999          1998
                                                              ----          ----
       Assets

<S>                                                      <C>            <C>
Cash .................................................   $   915,565    $ 1,983,281
                                                         -----------    -----------

Investment in financings
    Receivables due in installments ..................       302,984        645,067
    Unearned income ..................................       (15,519)       (60,405)
    Allowance for doubtful accounts ..................       (27,847)       (27,847)
                                                         -----------    -----------
                                                             259,618        556,815
                                                         -----------    -----------

Investment in finance leases
    Minimum rents receivable .........................       142,109        469,525
    Estimated unguaranteed residual values ...........        11,901         77,884
    Unearned income ..................................        (6,060)       (40,861)
    Allowance for doubtful accounts ..................       (27,305)       (24,127)
                                                         -----------    -----------
                                                             120,645        482,421
                                                         -----------    -----------

Investment in joint venture ..........................        44,299         56,960

Other assets .........................................        52,885           --
                                                         -----------    -----------

Total assets .........................................   $ 1,393,012    $ 3,079,477
                                                         ===========    ===========

       Liabilities and Partners' Equity

Accounts payable to General Partner and affiliates ...   $      --      $   175,586
Security deposits, deferred credits and other payables        51,470         70,881
                                                         -----------    -----------
                                                              51,470        246,467
                                                         -----------    -----------
Commitments and Contingencies

Partners' equity (deficiency)
    General Partner ..................................       (55,040)      (144,078)
    Limited partners (198,037 units outstanding,
      $100 per unit original issue price) ............     1,396,582      2,977,088
                                                         -----------    -----------

Total partners' equity ...............................     1,341,542      2,833,010
                                                         -----------    -----------

Total liabilities and partners' equity ...............   $ 1,393,012    $ 3,079,477
                                                         ===========    ===========
</TABLE>

See accompanying notes to financial statements.


<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                            Statements of Operations

                        For the Years Ended December 31,

                                                 1999       1998         1997
                                                 ----       ----         ----
Revenues

   Gain on sales of equipment ............   $  51,752   $ 465,144    $ 175,860
   Finance income ........................      77,758     172,179      335,198
   Interest income and other .............      79,087     119,018       98,934
   Income from investment in joint venture       5,958        --         21,340
                                             ---------   ---------    ---------

   Total revenues ........................     214,555     756,341      631,332
                                             ---------   ---------    ---------

Expenses

   General and administrative ............      69,463     103,231       60,248
   Administrative expense reimbursements
     - General Partner ...................      16,589      29,415       59,126
   Management fees - General Partner .....        --          --       (471,463)
   Interest ..............................        --          --          4,888
   Reversal of allowance for
     doubtful accounts ...................        --      (150,000)        --
                                             ---------   ---------    ---------

   Total expenses ........................      86,052     (17,354)    (347,201)
                                             ---------   ---------    ---------

Net income ...............................   $ 128,503   $ 773,695    $ 978,533
                                             =========   =========    =========

Net income allocable to:
   Limited partners ......................   $ 127,218   $ 765,958    $ 968,748
   General Partner .......................       1,285       7,737        9,785
                                             ---------   ---------    ---------

                                             $ 128,503   $ 773,695    $ 978,533
                                             =========   =========    =========

Weighted average number of limited
   partnership units outstanding .........     198,037     198,087      198,332
                                             =========   =========    =========

Net income per weighted average
   limited partnership unit ..............   $     .64   $    3.87    $    4.88
                                             =========   =========    =========




See accompanying notes to financial statements.


<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                    Statements of Changes in Partners' Equity

              For the Years Ended December 31, 1999, 1998 and 1997
<TABLE>

                          Limited Partner Distributions

                           Return of       Investment        Limited         General
                            Capital          Income          Partners        Partner        Total
                          (Per weighted average unit)
<S>                        <C>             <C>              <C>              <C>          <C>
Balance at
   December 31, 1996                                       $ 4,817,300     $(125,553)    $ 4,691,747

Cash distributions
   to partners             $  4.12         $   4.88         (1,784,993)      (18,030)     (1,803,023)

Limited partnership
   units redeemed
   (225 units)                                                  (5,763)        -              (5,763)

Net income                                                     968,748         9,785         978,533
                                                           -----------     ---------     -----------

Balance at
   December 31, 1997                                         3,995,292      (133,798)      3,861,494

Cash distributions
   to partners             $  5.13         $   3.87         (1,782,770)      (18,017)     (1,800,787)

Limited partnership
   units redeemed
   (208 units)                                                  (1,392)        -              (1,392)

Net income                                                     765,958         7,737         773,695
                                                           -----------     ---------     -----------

Balance at
   December 31, 1998                                         2,977,088      (144,078)      2,833,010

Cash distributions
   to partners             $  7.98         $    .64         (1,707,724)      (17,247)     (1,724,971)

Capital contribution                                             -           105,000         105,000

Net income                                                     127,218         1,285         128,503
                                                           -----------     ---------     -----------

Balance at
   December 31, 1999                                       $ 1,396,582     $ (55,040)    $ 1,341,542
                                                           ===========     =========     ===========
</TABLE>




See accompanying notes to financial statements.


<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                            Statements of Cash Flows

                        For the Years Ended December 31,
<TABLE>

                                                                1999           1998           1997
                                                                ----           ----           ----

Cash flows from operating activities:
<S>                                                         <C>            <C>            <C>
   Net income ...........................................   $   128,503    $   773,695    $   978,533
                                                            -----------    -----------    -----------
   Adjustments to reconcile net income to
   net cash provided by operating activities:
     Finance income portion of receivables paid
       directly to lenders by lessees ...................          --             --          (14,028)
     Gain on sales of equipment .........................       (51,752)      (465,144)      (175,860)
     Interest expense on non-recourse financing
       paid directly by lessees .........................          --             --            4,888
     Income from investment in joint venture ............        (5,958)          --          (21,340)
     Changes in operating assets and liabilities:
       Collection of principal - non-financed receivables       580,894      1,029,790      1,486,003
       Distribution from joint ventures .................        22,731           --          237,003
       Investment in equity joint venture ...............        (4,112)       (56,960)          --
       Allowance for doubtful accounts ..................         3,178       (130,962)      (126,084)
       Accounts payable to General Partner
         and affiliates .................................      (175,586)       139,352       (474,482)
       Security deposits and deferred credits ...........       (19,411)      (347,744)       (28,262)
       Other ............................................      (104,783)        10,501        172,339
                                                            -----------    -----------    -----------

         Total adjustments ..............................       245,201        178,833      1,060,177
                                                            -----------    -----------    -----------

       Net cash provided by operating activities ........       373,704        952,528      2,038,710
                                                            -----------    -----------    -----------

Cash flows from investing activities:
   Proceeds from sales of equipment .....................       178,551        646,783        621,621
   Proceeds from sale of investment in
     joint venture ......................................          --             --          275,294
                                                            -----------    -----------    -----------

       Net cash provided by investing activities ........       178,551        646,783        896,915
                                                            -----------    -----------    -----------
</TABLE>




                                                       (continued on next page)


<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                      Statements of Cash Flows (continued)

                        For the Years Ended December 31,
<TABLE>

                                                  1999          1998           1997
                                                  ----          ----           ----
<S>                                           <C>            <C>            <C>
Cash flows from financing activities:
   Redemption of limited partnership units          --           (1,392)        (5,763)
   Cash distributions to partners ........    (1,724,971)    (1,800,787)    (1,803,023)
   Capital contribution ..................       105,000           --             --
                                             -----------    -----------    -----------

Net cash used in financing activities ....    (1,619,971)    (1,802,179)    (1,808,786)
                                             -----------    -----------    -----------

   Net (decrease) increase in cash .......    (1,067,716)      (202,868)     1,126,839

Cash, beginning of year ..................     1,983,281      2,186,149      1,059,310
                                             -----------    -----------    -----------

Cash, end of year ........................   $   915,565    $ 1,983,281    $ 2,186,149
                                             ===========    ===========    ===========


</TABLE>
























See accompanying notes to financial statements.


<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                      Statements of Cash Flows (Continued)

Supplemental Disclosures of Cash Flow Information

     During  the  years  ended  December  31,  1999,  1998  and  1997,  non-cash
activities included the following:
<TABLE>

                                                      1999       1998         1997
                                                      ----       ----         ----
<S>                                                <C>         <C>         <C>
Principal and interest on finance receivables
  paid directly to lender by lessee ............   $    --     $    --     $ 419,734
Principal and interest on non-recourse financing
  paid directly to lender by lessee ............        --          --      (419,734)

Decrease in notes payable - non-recourse
  due to terminations ..........................        --          --      (579,508)
Decrease in investment in finance leases due to
  terminations .................................        --          --       579,508
                                                   ---------   ---------   ---------

                                                   $    --     $    --     $    --
                                                   =========   =========   =========
</TABLE>



<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                          Notes to Financial Statements

                                December 31, 1999

1.   Organization

     ICON Cash Flow Partners,  L.P., Series C (the  "Partnership") was formed on
June 22, 1990 as a Delaware limited  partnership with an initial  capitalization
of $2,000.  It was formed to acquire  various types of equipment,  to lease such
equipment  to third  parties  and,  to a lesser  degree,  to enter into  secured
financing  transactions.  The Partnership's offering period commenced on January
3, 1991 and by its final  closing in 1991,  200,000 units had been admitted into
the Partnership  with aggregate gross proceeds of $20,000,000.  Between 1993 and
1997, the  Partnership  redeemed 1,755 limited  partnership  units.  In 1998 the
Partnership  redeemed 208 limited  partnership  units,  leaving  198,037 limited
partnership units outstanding at December 31, 1998 and 1999.

     The General  Partner of the Partnership is ICON Capital Corp. (the "General
Partner"), a Connecticut  corporation.  The General Partner manages and controls
the  business  affairs  of the  Partnership's  equipment  leases  and  financing
transactions under a management agreement with the Partnership.

     ICON  Securities  Corp., an affiliate of the General  Partner,  received an
underwriting commission on the gross proceeds from sales of all units. The total
underwriting  compensation  paid  by  the  Partnership,  including  underwriting
commissions,   sales  commissions,   incentive  fees,  public  offering  expense
reimbursements  and due  diligence  activities  was  limited to 13% of the gross
proceeds  received from the sale of the units.  Such offering  costs  aggregated
$2,600,000, (including $1,013,120 paid to the General Partner or its affiliates)
and were charged directly to limited partners' equity.

     Profits,  losses, cash distributions and disposition proceeds are allocated
99% to the limited  partners  and 1% to the General  Partner  until each limited
partner has received cash distributions and disposition  proceeds  sufficient to
reduce  its  adjusted  capital  contribution  account  to zero and  receive,  in
addition,  other  distributions  and  allocations  which would provide a 10% per
annum  cumulative  return  on  its  outstanding  adjusted  capital  contribution
account.  After such time,  distributions  would be allocated 90% to the limited
partners and 10% to the General Partner.

2.   Amendments to Partnership Agreement

                         The Partnership's  original  reinvestment period was to
expire on June 19, 1996, five years after the final closing date.
The General Partner  distributed a definitive  consent  statement to the limited
partners to solicit approval of two amendments to the Partnership  agreement.  A
majority of the limited  partnership units outstanding  responded  affirmatively
and the amendments were adopted accordingly. These amendments are effective from
and after June 19, 1996 and include: (1) extending the reinvestment period for a
maximum of four and one half additional years and likewise delayed the start and
end of the liquidation period, and (2) eliminating the Partnership's  obligation
to  pay  the  General  Partner  $529,125  of the  $634,125  accrued  and  unpaid
management fees as of December 31, 1997 and all additional management fees which
would otherwise accrue.  The remaining $105,000 of previously accrued and unpaid
management  fees was paid to the General  Partner in 1999.  The General  Partner
remitted  this  amount  back  to the  Partnership  in  1999  in the  form  of an
additional capital contribution.


<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                    Notes to Financial Statements - Continued

3.   Significant Accounting Policies

     Basis of  Accounting  and  Presentation  - The  Partnership's  records  are
maintained on the accrual  basis.  The  preparation  of financial  statements in
conformity with generally accepted  accounting  principles  requires the General
Partner's  management to make estimates and assumptions that affect the reported
amounts of assets and  liabilities  at the date of the financial  statements and
revenues and expenses during the reporting  period.  Actual results could differ
from those estimates. In addition, management is required to disclose contingent
assets and liabilities.

     Leases - The  Partnership  accounts  for  owned  equipment  leased to third
parties as finance leases or operating leases,  as appropriate.  The Partnership
presently  has only  investments  in finance  leases.  For finance  leases,  the
Partnership  records,  at the  inception of the lease,  the total  minimum lease
payments  receivable,  the estimated  unguaranteed  residual values, the initial
direct costs  related to the leases and the related  unearned  income.  Unearned
income  represents the difference  between the sum of the minimum lease payments
receivable plus the estimated unguaranteed residual minus the cost of the leased
equipment. Unearned income is recognized as finance income over the terms of the
related leases using the interest method. Initial direct costs of finance leases
are capitalized and are amortized over the terms of the related leases using the
interest method.  The  Partnership's  leases have terms ranging from two to five
years. Each lease is expected to provide aggregate contractual rents that, along
with residual  proceeds,  return the Partnership's cost of its investments along
with investment income.

     Investment in  Financings - Investment  in  financings  represent the gross
receivables  due from the financing of equipment  plus the initial  direct costs
related  thereto  less the  related  unearned  income.  The  unearned  income is
recognized as finance income and the initial direct costs are amortized over the
terms of the receivables using the interest method.  Financing  transactions are
supported by a written  promissory note evidencing the obligation of the user to
repay the principal,  together with interest, which will be sufficient to return
the Partnership's full cost associated with such financing transaction, together
with  some  investment  income.   Furthermore,   the  repayment   obligation  is
collateralized  by a security  interest in the tangible or  intangible  personal
property.

     Disclosures  About Fair  Value of  Financial  Instruments  -  Statement  of
Financial Accounting  Standards ("SFAS") No. 107,  "Disclosures about Fair Value
of Financial Instruments" requires disclosures about the fair value of financial
instruments.  Separate  disclosure of fair value  information as of December 31,
1999 and 1998 with  respect  to the  Company's  assets  and  liabilities  is not
provided  because (i) SFAS No. 107 does not require  disclosures  about the fair
value of lease  arrangements  and (ii) the carrying  value of financial  assets,
other than lease related investments, approximates market value.

     Investment in Joint Ventures - The  Partnership  accounts for its interests
in less than 50% owned joint ventures under the equity method of accounting.  In
such  cases,  the  Partnership's  original  investment  is  recorded at cost and
adjusted for its share of earnings, losses and distributions thereafter.




<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                    Notes to Financial Statements - Continued

     Allowance for Doubtful  Accounts - The Partnership  records  provisions for
bad debts to provide for estimated credit losses in the portfolio. The allowance
for doubtful accounts is based on an analysis of delinquency and loss trends and
an assessment of overall  credit risk.  The  Partnership's  write-off  policy is
based on an analysis of the aging of the  Partnership's  portfolio,  a review of
the non-performing  receivables and leases, and prior collection experience.  An
account is fully  reserved for or written off when such analysis  indicates that
the probability of collection of the account is remote.  In 1998 the Partnership
reversed $150,000 of amounts  previously  included in the allowance for doubtful
accounts.

     Impairment of Estimated  Residual Values -- The  Partnership's  policy with
respect to impairment of estimated  residual values is to review,  on a periodic
basis,  the  carrying  value of its  residuals on an  individual  asset basis to
determine whether events or changes in circumstances  indicate that the carrying
value of an asset may not be  recoverable  and,  therefore,  an impairment  loss
should be recognized.  The events or changes in  circumstances  which  generally
indicate  that the  residual  value of an asset  has been  impaired  are (i) the
estimated fair value of the underlying  equipment is less than the Partnership's
carrying value or (ii) the lessee is experiencing  financial difficulties and it
does not appear likely that the estimated proceeds from disposition of the asset
will be  sufficient  to satisfy the  remaining  obligation  to the  non-recourse
lender  and  the  Partnership's  residual  position.  Generally  in  the  latter
situation,  the residual  position  relates to equipment  subject to third party
non-recourse  notes  payable  where the  lessee  remits  their  rental  payments
directly to the lender and the  Partnership  does not recover its residual until
the non-recourse note obligation is repaid in full.

     The  Partnership  measures its  impairment  loss as the amount by which the
carrying  amount of the  residual  value  exceeds the  estimated  proceeds to be
received by the Partnership from release or resale of the equipment.  Generally,
quoted market  prices are used as the basis for measuring  whether an impairment
loss should be recognized.

     Income Taxes - No provision for income taxes has been made as the liability
for such taxes is that of each of the partners rather than the Partnership.

     New Accounting  Pronouncements - In June 1998 the FASB issued SFAS No. 133,
"Accounting  for Derivative  Instruments and Hedging  Activities."  SFAS No. 133
requires that an entity recognize all derivative instruments as either assets or
liabilities  in the balance sheet and measure those  instruments  at fair value.
SFAS No.  133,  as  amended,  is  effective  for all  quarters  of fiscal  years
beginning  after June 15, 2000.  The adoption of SFAS No. 133 is not expected to
have a material  effect on the  Partnership's  net income,  partners'  equity or
total assets.


<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                    Notes to Financial Statements - Continued

4.   Investments in Joint Ventures

     In  February  1995 the  Partnership  and two  affiliates,  ICON  Cash  Flow
Partners,  L.P.,  Series B ("Series  B"), and ICON Cash Flow  Partners  L.P. Six
("L.P.  Six") formed ICON Asset  Acquisition  L.L.C. I ("ICON Asset  Acquisition
LLC") as a special purpose limited liability company. ICON Asset Acquisition LLC
was formed for the purpose of acquiring,  managing and  securitizing a portfolio
of leases.  ICON Asset Acquisition LLC purchased an existing portfolio of leases
and  securitized  substantially  all of its portfolio and became the  beneficial
owner of a trust. In September  1997,  L.P. Six purchased,  from the Partnership
and Series B, their  investment in ICON Asset  Acquisition  LLC. The Partnership
and Series B's  investments  were  purchased at book value,  which  approximated
market  value at that time and ICON  Asset  Acquisition  LLC became a 100% owned
subsidiary of L.P Six. L.P Six transferred all of ICON Asset  Acquisition  LLC's
assets to its own account and dissolved ICON Asset Acquisition LLC in the fourth
quarter 1997.

     In  December  1998 the  Partnership  and three  affiliates,  ICON Cash Flow
Partners  L.P.  Six ("L.P.  Six"),  ICON Cash Flow  Partners  L.P.  Seven ("L.P.
Seven")  and ICON Income  Fund Eight A L.P.  ("Eight  A") formed  ICON  Boardman
Funding  LLC ("ICON  BF"),  for the purpose of  acquiring a lease with  Portland
General Electric.  The purchase price totaled  $27,421,810,  and was funded with
cash and non-recourse debt assumed in the purchase price. The Partnership,  L.P.
Six,  L.P.  Seven and  Eight A  received  a .5%,  .5%,  .5% and 98.5%  interest,
respectively,  in ICON BF. The Partnership's original investment was recorded at
cost  of  $56,960  and  is  adjusted  by  its  share  of  earnings,  losses  and
distributions,  thereafter. The Partnership invested $4,112 in the joint venture
in 1999.  Simultaneously  with the acquisition of the Portland  General Electric
lease by ICON BF, the rent in excess of the senior debt payments was acquired by
L.P.  Six for  $3,801,108.  On March  30,  1999,  ICON BF  acquired  L.P.  Six's
investment  in a portion of the rent in excess of the senior debt  payments  for
$3,097,637  and  financed,  with a third party,  all of the rent  receivable  in
excess  of the  senior  debt  payments.  ICON BF  received  $7,643,867  from the
financing.  There  was no gain or loss  to  L.P.  Six on this  transaction.  The
proceeds from the financing, net of the purchase of L.P. Six's investment,  were
distributed  to the  members  of  ICON BF in  accordance  with  their  ownership
interests.



<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                    Notes to Financial Statements - Continued

     Information as to the financial position of ICON BF as of December 31, 1999
and 1998 is summarized below:

                                        December 31, 1999      December 31, 1998

  Assets                                  $27,740,665             $23,620,702
                                          ===========             ===========

  Liabilities                             $18,880,079             $12,228,713
                                          ===========             ===========

  Equity                                  $ 8,860,586             $11,391,989
                                          ===========             ===========

  Partnership's share of equity           $    44,299             $    56,960
                                          ===========             ===========

  Net income                              $ 1,191,629             $    -
                                          ===========             ===========

  Partnership's share of net income       $     5,958             $    -
                                          ===========             ===========

  Distributions                           $ 4,546,230             $    -
                                          ===========             ===========

  Partnership's share of distributions    $    22,731             $    -
                                          ===========             ===========

5.   Receivables Due in Installments

     Non-cancelable  minimum annual amounts receivable on financings and finance
leases are as follows:

                                           Finance
      Year           Financings            Leases               Total

      2000            $258,116            $135,541            $393,657
      2001              44,868               6,568              51,436
                      --------            --------            --------

                      $302,984            $142,109            $445,093
                      ========            ========            ========



<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                    Notes to Financial Statements - Continued

6.   Allowance for Doubtful Accounts

     The Allowance for doubtful  accounts  related to the investments in finance
leases and investment in financings consisted of the following:
<TABLE>

                                                     Finance
                                                     Leases     Financings      Total

<S>                                                 <C>          <C>          <C>
Balance at December 31, 1996 ...................   $ 285,600    $  23,420    $ 309,020

     Accounts written-off ......................    (114,805)     (22,816)    (137,621)
     Recovery on accounts previously
       written-off .............................       6,927        4,610       11,537
     Transfer within accounts ..................     (89,223)      89,223         --
                                                   ---------    ---------    ---------

Balance at December 31, 1997 ...................      88,499       94,437      182,936

     Accounts written-off ......................      (1,566)        --         (1,566)
     Recovery on accounts previously
       written-off .............................      20,604         --         20,604
     Transfer within accounts ..................      (9,343)       9,343         --
     Reversal of allowance for doubtful accounts     (74,067)     (75,933)    (150,000)
                                                   ---------    ---------    ---------

Balance at December 31, 1998 ...................      24,127       27,847       51,974

     Recovery on accounts previously
       written-off .............................       3,178         --          3,178
                                                   ---------    ---------    ---------

Balance at December 31, 1999 ...................   $  27,305    $  27,847    $  55,152
                                                   =========    =========    =========
</TABLE>

7.   Related Party Transactions

     As a result of the  approval of the  amendments  as discussed in Note 2, in
which the  General  Partner's  right to  receive  certain  fees was  voluntarily
waived,  the  Partnership  reversed  accrued and unpaid  management  fees in the
amount of  $529,125 of the  $634,125  accrued  and unpaid  management  fee as of
December 31, 1997.  The reversal  consisted of $57,662  relating to 1997 accrued
management  fees and $471,463  relating to management  fees from 1996 and prior.
These  management fees had been previously  expensed but not paid to the General
Partner. During the years ended December 31, 1999, 1998 and 1997 the Partnership
paid or accrued to the General Partner  administrative expense reimbursements of
$16,589, $29,415 and $59,126, respectively. These reimbursements were charged to
operations. See Note 2 for information relating to the 1999 capital contribution
made by the General Partner.


<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                    Notes to Financial Statements - Continued

     In December 1998 the Partnership and three affiliates, L.P. Six, L.P. Seven
and Eight A formed ICON BF, for the purpose of  acquiring a lease with  Portland
General Electric.  See Note 4 for additional  information  relating to the joint
venture.

     In  February  1995 the  Partnership  and two  affiliates,  ICON  Cash  Flow
Partners,  L.P.,  Series  B  ("Series  B"),  and  L.P.  Six  formed  ICON  Asset
Acquisition L.L.C. I ("ICON Asset Acquisition LLC") as a special purpose limited
liability  company.  ICON Asset  Acquisition  LLC was formed for the  purpose of
acquiring,  managing  and  securitizing  a portfolio  of leases.  See Note 4 for
additional information relating to the joint venture.

8.   Tax Information (Unaudited)

     The following reconciles the net income for financial reporting purposes to
income for federal income tax purposes for the years ended December 31:

                                         1999         1998         1997
                                         ----         ----         ----

Net income per financial statements   $ 128,503    $ 773,695    $ 978,533

Differences due to:
   Direct finance leases ..........     174,557      421,385      923,405
   Depreciation ...................    (116,003)    (443,142)    (809,958)
   Provision for losses ...........      (3,178)    (130,902)    (124,312)
   Gain (loss) on sale of equipment       5,528     (307,902)     (57,845)
   Management fee reversal ........        --       (529,125)
   Other ..........................      (9,973)      48,227     (106,322)
                                      ---------    ---------    ---------
Partnership income for
   federal income tax purposes ....   $ 179,434    $ 361,361    $ 274,376
                                      =========    =========    =========

     As of December 31, 1999,  the partners'  capital  accounts  included in the
financial  statements  totaled  $1,341,542  compared  to the  partners'  capital
accounts  for  federal  income  tax  purposes  of  $7,444,427  (unaudited).  The
difference  arises  primarily  from  commissions  reported as a reduction in the
partners'  capital for financial  reporting  purposes but not for federal income
tax  purposes,  and  temporary  differences  related to direct  finance  leases,
depreciation and provision for losses.



<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                                December 31, 1999

Item  9.  Changes  in and  Disagreements  with  Accountants  on  Accounting  and
          Financial Disclosure

     None

PART III

Item 10.  Directors and Executive Officers of the Registrant's General Partner

     The General  Partner,  a Connecticut  corporation,  was formed in 1985. The
General  Partner's  principal  offices are located at 111 Church  Street,  White
Plains,  New York 10601-1505,  and its telephone  number is (914) 993-1700.  The
officers of the General  Partner have  extensive  experience  with  transactions
involving the  acquisition,  leasing,  financing and  disposition  of equipment,
including  acquiring  and  disposing  of  equipment  subject  to leases and full
financing transactions.

     The  manager of the  Partnership's  business is the  General  Partner.  The
General  Partner is engaged in a broad range of equipment  leasing and financing
activities.  Through  its  sales  representatives  and  through  various  broker
relationships  throughout the United States,  the General Partner offers a broad
range of equipment leasing services.

     The  General  Partner is  performing  or causing  to be  performed  certain
functions  relating to the management of the equipment of the Partnership.  Such
services  include  the  collection  of lease  payments  from the  lessees of the
equipment,  re-leasing services in connection with equipment which is off-lease,
inspections of the equipment, liaison with and general supervision of lessees to
assure that the equipment is being properly operated and maintained,  monitoring
performance by the lessees of their obligations under the leases and the payment
of operating expenses.

     The officers and directors of the General Partner are as follows:

 Beaufort J.B. Clarke            Chairman, Chief Executive Officer and Director

 Paul B. Weiss                   President and Director

 Thomas W. Martin                Executive Vice President and Director




<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                                December 31, 1998

     Beaufort J. B. Clarke,  age 54, has been Chairman,  Chief Executive Officer
and Director of the General Partner since 1996.  Prior to his present  position,
Mr. Clarke was founder and the President and Chief Executive  Officer of Griffin
Equity  Partners,  Inc. Mr.  Clarke  formerly was an attorney  with Shearman and
Sterling  and has over 20 years of senior  management  experience  in the United
States leasing industry.

     Paul B. Weiss,  age 39, is President  and Director of the General  Partner.
Mr. Weiss has been exclusively engaged in lease acquisitions since 1988 from his
affiliations  with the General  Partner since 1996,  Griffin Equity Partners (as
Executive Vice President from 1993-1996);  Gemini Financial  Holdings (as Senior
Vice  President-Portfolio  Acquisitions  from  1991-1993)  and  Pegasus  Capital
Corporation (as Vice  President-Portfolio  Acquisitions from 1988-1991).  He was
previously an investment banker and a commercial banker.

     Thomas W. Martin,  age 46, has been Executive Vice President of the General
Partner since 1996. Prior to his present position,  Mr. Martin was the Executive
Vice  President and Chief  Financial  Officer of Griffin Equity  Partners,  Inc.
(1993-1996), Gemini Financial Holdings (as Senior Vice President from 1992-1993)
and Chancellor Corporation (as Vice  President-Syndications from 1985-1992). Mr.
Martin has 17 years of senior management experience in the leasing business.

Item 11.  Executive Compensation

     The Partnership  has no directors or officers.  The General Partner and its
affiliates were paid or accrued the following compensation and reimbursement for
costs and expenses for the years ended December 31, 1999, 1998 and 1997.
<TABLE>

     Entity                 Capacity             Type of Compensation      1999     1998      1997
     ------                 --------             --------------------      ----     ----      ----
<S>                         <C>                 <C>                       <C>      <C>       <C>

ICON Capital Corp.        General Partner      Administrative expense
                                                 reimbursements          $16,589  $29,415  $  59,126
ICON Capital Corp.        General Partner      Management fees              -       -       (471,463)
                                                                         -------  -------  ---------
                                                                         $16,589  $29,415  $(412,337)
                                                                         =======  =======  =========
</TABLE>



<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                                December 31, 1999

Item 12.  Security Ownership of Certain Beneficial Owners and Management

(a)  The Partnership is a limited partnership and therefore does not have voting
     shares of stock.  No person of record owns, or is known by the  Partnership
     to own  beneficially,  more  than  5% of any  class  of  securities  of the
     Partnership.

(b)  As of March 24, 2000,  Directors and Officers of the General Partner do not
     own any equity securities of the Partnership.

(c) The General Partner owns the equity  securities of the Partnership set forth
in the following table:

 Title of Class             Amount Beneficially Owned         Percent of Class
 --------------            --------------------------         ----------------
General Partner          Represents initially a 1% and               100%
  Interest               potentially a 10% interest in
                         the Partnership's income, gain
                         and loss deductions.

     Profits,  losses, cash distributions and disposition proceeds are allocated
99% to the limited  partners and 1% to the General  Partner  until each investor
has received cash  distributions and disposition  proceeds  sufficient to reduce
its adjusted  capital  contribution  account to zero and  receive,  in addition,
other  distributions  and  allocations  which  would  provide  a 10%  per  annum
cumulative  return,  compounded  daily,  on  the  outstanding  adjusted  capital
contribution  account.  After such time, the distributions will be allocated 90%
to the limited partners and 10% to the General Partner.

Item 13.  Certain Relationships and Related Transactions

     See  Item  11  for  a  discussion  of  the   Partnership's   related  party
transactions.



<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                                December 31, 1999

PART IV

Item 14.  Exhibits, Financial Statement Schedules and Reports on Form 8-K

(a)  1.  Financial Statements - See Part II, Item 8 hereof.

     2.  Financial Statement Schedule - None.

         Schedules  not listed  above  have been  omitted  because  they are not
         applicable  or are not required or the  information  required to be set
         forth therein is included in the Financial Statements or Notes thereto.

     3. Exhibits - The following exhibits are incorporated herein by reference:

     (i)  Form of Dealer-Manager  Agreement (Incorporated herein by reference to
          Exhibit 1.1 to Amendment No. 2 to Form S-1 Registration  Statement No.
          33-36376 filed with the Securities and Exchange Commission on November
          30, 1990)

     (ii) Form of Selling Dealer Agreement  (Incorporated herein by reference to
          Exhibit 1.2 to Amendment No. 2 to Form S-1 Registration  Statement No.
          33-36376 filed with the Securities and Exchange Commission on November
          30, 1990)

     (iii)Amended and Restated  Agreement of Limited  Partnership  (Incorporated
          by reference to Exhibit A to Amendment No. 2 to Form S-1  Registration
          Statement  No.   33-36376  filed  with  the  Securities  and  Exchange
          Commission on November 30, 1990)

     (iv) Form of Management  Agreement  between the  Partnership  and Crossgate
          Leasing,  Inc.  (Incorporated  herein by reference to Exhibit 10.01 to
          Amendment No. 1 to Form S-1 Registration  Statement No. 33-36376 filed
          with the Securities and Exchange Commission on October 25, 1990)

(b)  Reports on Form 8-K

     No  reports on Form 8-K were filed by the  Partnership  during the  quarter
ended December 31, 1999.




<PAGE>


                     ICON Cash Flow Partners, L.P., Series C
                        (A Delaware Limited Partnership)

                                December 31, 1999

                                   SIGNATURES

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

                                  ICON CASH FLOW PARTNERS, L.P., Series C
                                  File No. 33-36376 (Registrant)
                                  By its General Partner, ICON Capital Corp.

Date: March 29,2000               /s/ Beaufort J.B. Clarke
                                  Beaufort J.B. Clarke
                                  Chairman, Chief Executive Officer and Director

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following  persons on behalf of the  registrant and
in the capacity and on the dates indicated.

ICON Capital Corp.
sole General Partner of the Registrant


Date: March 29, 2000              /s/ Beaufort J.B. Clarke
                                  ------------------------
                                  Beaufort J.B. Clarke
                                  Chairman, Chief Executive Officer and Director



Date: March 29, 2000              /s/ Paul B. Weiss
                                  -----------------
                                  Paul B. Weiss
                                  President and Director



Date: March 29, 2000              /s/ Thomas W. Martin
                                  --------------------
                                  Thomas W. Martin
                                  Executive Vice President
                                  (Principal Financial and Accounting Officer)

Supplemental  Information to be Furnished With Reports Filed Pursuant to Section
15(d) of the Act by Registrant
Which have not Registered Securities Pursuant to Section 12 of the Act

No annual report or proxy material has been sent to security holders.  An annual
report will be sent to the limited  partners and a copy will be forwarded to the
Commission.