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| þ |   ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE |
|--------|-------------------------------------------------------------|
|   |   SECURITIES EXCHANGE ACT OF 1934                      |
|   |                                                        |
|   |   For the fiscal year ended December 31, 2011          |
|   |                                                        |
|   |   OR                                                   |
|   |                                                        |
| o      | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE    |
|   |   SECURITIES EXCHANGE ACT OF 1934                      |
|   |                                                        |
|   |  For the transition period from _____ to _____         |

| Delaware                                                       |   | 35-6911641                           |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer Identification No.) |
|                                                           |   |                                 |
| 3 Park Ave 36th FlNew York, New York                           |   |  10016                          |
| (Address of principal executive offices)                       |   | (Zip Code)                           |

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| Table of Contents                                                                                                                                                           |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                        |
|                                                                                                                                                                        | Pages |
|  Consolidated Statement of Net Assets (Liquidation Basis) at December 31, 2011 (unaudited)                                                                             | 1 |
|  ConsolidatedStatement of Changes in Net Assets (Liquidation Basis) for the period from May 9, 2011 (Commencement of Operations) through December 31, 2011 (unaudited) | 2 |
|  ConsolidatedStatement of Cash Flows (Liquidation Basis) for the period from May 9, 2011 (Commencement of Operations) through December31, 2011 (unaudited)             | 3 |
|  Notes to Consolidated Financial Statements (unaudited)                                                                                                           | 4 |
|  Signatures                                                                                                                                                            | 11 |
|  Certification of Co-Chief Executive Officer                                                                                                                           | 12 |
|  Certification of Co-Chief Executive Officer                                                                                                                           | 13 |
|  Certification of Principal Accounting and Financial Officer                                                                                                           | 14 |

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Table of Contents

| ICON Income Fund Eight B L.P. Liquidating Trust                        |   |
|------------------------------------------------------------------------|--------|
| (A Delaware Statutory Trust)                                           |   |
| Consolidated Statement of Net Assets (Liquidation Basis)               |   |
| (unaudited)                                                            |   |
|                                                                   |   |   |   |
| Assets                                                                 |   |
|                                                                   |   | December 31,2011 |   |
|                                                                   |
|                                                                   |   |   |   |
| Cash                                                                   |   | $ | 763,492 |   |
| Accounts receivable and other                                          |   |   | 268,732 |   |
| Leased equipment at cost (less accumulated depreciation of $2,245,099) |   |   | 34,338,979 |   |
| Prepaid expense                                                        |   |   | 383,700 |   |
|                                                                   |   |   |   |   |
|  Total Assets                                                     |   | $ | 35,754,903 |   |
|                                                                   |   |   |   |   |
| Liabilities                                                            |   |
|                                                                   |   |   |   |   |
| Non-recourse debt                                                      |   | $ | 32,238,647 |   |
| Accrued expenses and other liabilities                                 |   |   | 515,454 |   |
| Due to affiliates                                                      |   |   | 202,302 |   |
| Lease deposit payable                                                  |   |   | 790,000 |   |
|                                                                   |   |   |   |   |
|  Total Liabilities                                                |   |   | 33,746,403 |   |
|                                                                   |   |   |   |   |
|  Commitments and contingencies (see Note 7)                       |   |   |   |   |
|                                                                   |   |   |   |   |
|  Net Assets in Liquidation                                        |   | $ | 2,008,500 |   |

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Table of Contents

| ICON Income Fund Eight B L.P. Liquidating Trust                     |   |
|---------------------------------------------------------------------|--------|
| (A Delaware Statutory Trust)                                        |   |
| Consolidated Statement of Changes in Net Assets (Liquidation Basis) |   |
| (unaudited)                                                         |   |
|                                                                |   |   |   |
|                                                                |   | For the period from May 9, 2011 (Commencement of Operations) through December 31, 2011 |   |
|                                                                |
|                                                                |
|                                                                |   |   |   |
|  Revenue:                                                      |   |   |   |
|  Rental income                                                 |   | $ | 2,658,951 |   |
|                                                                |   |   |   |   |
|  Total revenue                                                 |   |   | 2,658,951 |   |
|                                                                |   |   |   |   |
|  Expenses:                                                     |   |   |   |   |
|  Loss from investment in joint venture                         |   |   | 1,314,623 |   |
|  Depreciation and amortization                                 |   |   | 2,255,611 |   |
|  Interest                                                      |   |   | 1,277,355 |   |
|  General and administrative                                    |   |   | 730,032 |   |
|                                                                |   |   |   |   |
|  Total expenses                                                |   |   | 5,577,621 |   |
|                                                                |   |   |   |   |
|  Net loss                                                      |   |   | (2,918,670 | ) |
|                                                                |   |   |   |   |
|  Distribution of assets to beneficiaries                       |   |   | (504,806 | ) |
|                                                                |   |   |   |   |
|  Net Assets in Liquidation at May 9, 2011                      |   |   | 5,431,976 |   |
|                                                                |   |   |   |   |
|  Net Assets in Liquidation at December 31, 2011           |   | $ | 2,008,500 |    |

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Table of Contents

| ICON Income Fund Eight B L.P. Liquidating Trust                 |   |
|-----------------------------------------------------------------|--------|
| (A Delaware Statutory Trust)                                    |   |
| Consolidated Statement of Cash Flows (Liquidation Basis)        |   |
| (unaudited)                                                     |   |
|                                                            |   |
|                                                            |   | For the period from May 9, 2011 (Commencement of Operations) through December 31, 2011 |   |
|                                                            |   |   |   |
|  Cash flows from operating activities:                     |   |   |   |
| Net loss                                                        |   | $ | (2,918,670 | ) |
|  Adjustments to reconcile net loss to net cash provided by |   |   |   |   |
|   operating activities:                               |   |   |   |   |
|   Rental income paid directly to lender by lessee          |   |   | (1,933,000 | ) |
|   Loss from investment in joint venture                    |   |   | 1,314,623 |   |
|   Depreciation and amortization                            |   |   | 2,255,611 |   |
|   Interest expense on non-recourse financing paid     |   |   |   |   |
| directly to lender by lessee                                    |   |   | 618,424 |   |
|   Interest expense paid-in-kind                            |   |   | 658,931 |   |
|  Changes in assets and liabilities:                        |   |   |   |   |
|   Other assets                                             |   |   | 151,158 |   |
|   Due to affiliates                                        |   |   | 59,231 |   |
|   Accrued expenses and other current liabilities      |   |   | 101,599 |   |
|                                                            |   |   |   |   |
|  Net cash provided by operating activities                 |   |   | 307,907 |   |
|                                                            |   |   |   |   |
|  Cash flows from financing activities:                     |   |   |   |   |
|  Distribution of assets to beneficiaries                   |   |   | (504,806 | ) |
|                                                            |   |   |   |   |
|  Net cash used in financing activities                     |   |   | (504,806 | ) |
|                                                            |   |   |   |   |
|  Net decrease in cash                                      |   |   | (196,899 | ) |
|                                                            |   |   |   |   |
|  Cash, beginning of period                                 |   |   | 960,391 |   |
|                                                            |   |   |   |   |
|  Cash, end of period                                       |   | $ | 763,492 |   |
|                                                            |   |   |   |   |
|  Supplemental disclosure of cash flow information:         |   |   |   |   |
|                                                            |   |   |   |   |
|  Transfer of net assets from ICON Income Fund Eight B L.P. |   |   |   |   |
| to ICON Income Fund Eight B L.P. Liquidating Trust              |   | $ | 5,431,976 |   |

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Table of Contents

| (1) | Purpose of Liquidating Trust |
|-----|------------------------------|

| (2)  | Summary of Significant Accounting Policies |
|-----------|--------------------------------------------|

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Table of Contents

| (2)  | Summary of Significant Accounting Policies – continued |
|-----------|--------------------------------------------------------------|

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Table of Contents

| (3) | Leased Equipment at Cost |
|-----|--------------------------|

| Aircraft and aircraft related equipment |   | $      | 36,584,078 |   |
|-----------------------------------------|--------|--------|------------|--------|
|                                    |   |   |       |   |
| Less: Accumulated depreciation          |   |   | 2,245,099  |   |
|                                    |   |   |       |   |
|                                    |   | $      | 34,338,979 |   |

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Table of Contents

| (3) | Leased Equipment at Cost- continued |
|-----|-------------------------------------|

| Years ending December 31, |   |   |       |
|---------------------------|--------|--------|------------|
| 2012                      |   | $      | 4,345,000  |   |
| 2013                      |   |   | 4,740,000  |   |
| 2014                      |   |   | 4,740,000  |   |
| 2015                      |   |   | 4,740,000  |   |
| 2016                      |   |   | 4,740,000  |   |
| Thereafter                |   |   | 4,740,000  |   |
|                      |   |   |       |   |
|                      |   | $      | 28,045,000 |   |

| (4)  | Investment in Joint Venture |
|-----------|-----------------------------|

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Table of Contents

| (5)  | Non-Recourse Debt |
|-----------|-------------------|

| (6)  | Transactions with Related Parties |
|-----------|-----------------------------------|

| (7) | Commitments and Contingencies |
|-----|-------------------------------|

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Table of Contents

| (7) | Commitments and Contingencies- continued |
|-----|------------------------------------------|

| (8) | Controls and Procedures |
|-----|-------------------------|

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Table of Contents

| (8) | Controls and Procedures- continued |
|-----|------------------------------------|

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Table of Contents

SIGNATURES

| By: /s/ Michael A. Reisner                                                                                                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
|       Michael A. Reisner                                                                                                    |
|       Co-Chief Executive Officer and Co-President      (Co-Principal Executive Officer)  |

| By: /s/ Mark Gatto                                                                                                                                        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
|       Mark Gatto                                                                                                            |
|       Co-Chief Executive Officer and Co-President      (Co-Principal Executive Officer)  |

| By: /s/ Michael A. Reisner                                                                                                                                          |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|       Michael A. Reisner                                                                                                              |
|       Co-Chief Executive Officer, Co-President and Director      (Co-Principal Executive Officer)  |

| By: /s/ Mark Gatto                                                                                                                                                  |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|       Mark Gatto                                                                                                                      |
|       Co-Chief Executive Officer, Co-President and Director      (Co-Principal Executive Officer)  |

|  Supplemental Information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Act.  |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| No annual report or proxy material has been sent to beneficial interest holders.                                                                                                                    |

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Table of Contents

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

| 1. | I have reviewed this Annual Report on Form 10-K of ICON Income Fund Eight B L.P. Liquidating Trust (the “Liquidating Trust”); |
|----|-------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Based on my knowledge, this report does not contain any untrue statement 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 report; |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, changes in financial condition and cash flows of the Liquidating Trust as of, and for, the period presented in this report; |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The Liquidating Trust’s other certifying officers 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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Liquidating Trust and 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 Liquidating Trust, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | evaluated the effectiveness of the Liquidating Trust’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d. | disclosed in this report any change in the Liquidating Trust’s internal control over financial reporting that occurred during the Liquidating Trust’s most recent fiscal year  that has materially affected, or is reasonably likely to materially affect, the Liquidating Trust’s internal control over financial reporting; and |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The Liquidating Trust’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Liquidating Trust’s board of directors of the Managing Trustee (or persons performing the equivalent functions): |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Liquidating Trust’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 Liquidating Trust’s internal control over financial reporting. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Date: March 29, 2012                                                                                                             |   |   |
|----------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|                                                                                                                             |   |   |
| /s/ Michael A. Reisner                                                                                                           |   |   |
| Michael A. Reisner                                                                                                               |   |   |
| Co-Chief Executive Officer and Co-PresidentICON Capital Corp.Managing Trustee of ICON Income Fund Eight B L.P. Liquidating Trust |

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CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

| 1. | I have reviewed this Annual Report on Form 10-K of ICON Income Fund Eight B L.P. Liquidating Trust the “Liquidating Trust”); |
|----|------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Based on my knowledge, this report does not contain any untrue statement 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 report; |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, changes in financial condition and cash flows of the Liquidating Trust as of, and for, the period presented in this report; |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The Liquidating Trust’s other certifying officers 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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Liquidating Trust and 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 Liquidating Trust, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | evaluated the effectiveness of the Liquidating Trust’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d. | disclosed in this report any change in the Liquidating Trust’s internal control over financial reporting that occurred during the Liquidating Trust’s most recent fiscal year that has materially affected, or is reasonably likely to materially affect, the Liquidating Trust’s internal control over financial reporting; and |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The Liquidating Trust’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Liquidating Trust’s board of directors of the Managing Trustee (or persons performing the equivalent functions): |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Liquidating Trust’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 Liquidating Trust’s internal control over financial reporting. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Date: March 29, 2012                                                                                                             |   |   |
|----------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|                                                                                                                             |   |   |
| /s/ Mark Gatto                                                                                                                   |   |   |
| Mark Gatto                                                                                                                       |   |   |
| Co-Chief Executive Officer and Co-PresidentICON Capital Corp.Managing Trustee of ICON Income Fund Eight B L.P. Liquidating Trust |

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Table of Contents

CERTIFICATION OF PRINCIPAL ACCOUNTING AND FINANCIAL OFFICER

| 1. | I have reviewed this Annual Report on Form 10-K of ICON Income Fund Eight B L.P. Liquidating Trust the “Liquidating Trust”); |
|----|------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Based on my knowledge, this report does not contain any untrue statement 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 report; |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, changes in financial condition and cash flows of the Liquidating Trust as of, and for, the period presented in this report; |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The Liquidating Trust’s other certifying officers 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)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Liquidating Trust and 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 Liquidating Trust, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | evaluated the effectiveness of the Liquidating Trust’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d. | disclosed in this report any change in the Liquidating Trust’s internal control over financial reporting that occurred during the Liquidating Trust’s most recent fiscal year that has materially affected, or is reasonably likely to materially affect, the Liquidating Trust’s internal control over financial reporting; and |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The Liquidating Trust’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Liquidating Trust’s board of directors of the Managing Trustee (or persons performing the equivalent functions): |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Liquidating Trust’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 Liquidating Trust’s internal control over financial reporting. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Date: March 29, 2012                                                                                                                                                             |   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
| /s/Keith S. FranzKeith S. FranzManaging DirectorPrincipal Accounting and Financial OfficerICON Capital Corp.Managing Trustee of ICON Income Fund Eight B L.P. Liquidating Trust  |   |   |

| 14  |
|----------|

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