**UNITED
      STATES**


**SECURITIES
      AND EXCHANGE COMMISSION**


**WASHINGTON,
      D.C. 20549**


**FORM
      10-K/A**


**(Amendment
      No. 1)**





þ
            
            ANNUAL
                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES
                EXCHANGE ACT OF 1934For
                the fiscal year ended **December 31,
                2006**ORo
            
            TRANSITION
                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES
                EXCHANGE ACT OF 1934





Commission
      file number:  **000-50217**




**ICON
      Income Fund Nine, LLC**


(Exact
      name of registrant as specified in its charter)




**Delaware**
            
            **13-4183234**(State
                or other jurisdiction of incorporation or organization)
            
            (I.R.S.
                Employer Identification No.)**100
                Fifth Avenue, 4th
                Floor**
              **New
                York, New York**
            
            **10011-1505**(Address
                of principal executive offices)
            
            (Zip
                Code)





**(212)
      418-4700**


(Registrant’s
      telephone number, including area code)




Securities
      registered pursuant to Section 12(b) of the
      Act:  **None**




Securities
      registered pursuant to Section 12(g) of the Act:  **Limited
      Liability Company Shares**




Indicate
      by check mark if the registrant is a well-known seasoned issuer, as defined
      in
      Rule 405 of the Securities Act.                 
      Yes o    No
      þ




Indicate
      by check mark if the registrant is not required to file reports pursuant to
      Section 13 or Section 15(d) of the Exchange Act.        
Yes o   No
      þ




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.                                   
      Yes þ    No
o




Indicate
      by check mark if disclosure of delinquent filers pursuant to Item 405 of
      Regulation S-K is not contained herein, and will not be contained, to the best
      of registrant's knowledge, in definitive proxy or information statements
      incorporated by reference in Part III of this Form 10-K or any amendment to
      this
      Form 10-K.


Yes
      þ    No
o




Indicate
      by check mark whether the registrant is a large accelerated filer, an
      accelerated filer, or a non-accelerated filer.  See definition of
“accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange
      Act.


Large
      accelerated filer o                                                           Accelerated
      filer  o                                                      Non-accelerated
      filer  þ




Indicate
      by check mark whether the registrant is a shell company (as defined in Rule
      12b-2 of the Exchange Act).                      
      Yes o    No
      þ




State
      the
      aggregate market value of the voting and non-voting common equity held by
      non-affiliates computed by reference to the price at which the common equity
      was
      last sold, or the average bid and asked price of such common equity, as of
      the
      last day of the registrant’s most recently completed second fiscal
      quarter:  **Not applicable.**





There
      is
      no established market for shares of the registrant.





Number
      of
      outstanding limited liability company shares of the Registrant on July 31,
      2007
      is 98,092.





**DOCUMENTS
      INCORPORATED BY REFERENCE**


None.













**Explanatory
      Note**





ICON
      Income Fund Nine, LLC is filing this Amendment No. 1 (the “Amendment”) to its
      Annual Report on Form 10-K for the year ended December 31, 2006, filed with
      the
      Securities and Exchange Commission on April 13, 2007 (the “Original Filing”)
      solely for the purposes of amending Item 15-Exhibits, to include the financial
      statements of ICON Aircraft 126 LLC and ICON Aircraft 47820 LLC which were
      not able to be timely completed and included in the Original Filing. This
      Amendment contains the complete text of Item 15. Except as discussed in this
      Explanatory Note, no other changes have been made to the Original
      Filing.







**PART
      IV**




**Item
      15. Exhibits and Financial Statement Schedules**





(a)
            1.
                Financial Statements





Filed
      as
      Item 8 of the Original Filing.





2.
                Financial Statement Schedules





Financial
      Statement Schedule II – Valuation and Qualifying Accounts is filed with the
      Original Filing. All other schedules, other than those listed above, have been
      omitted because they are not applicable or the information required to be set
      forth therein is included in the financial statements or notes
      thereto.





3.
                Exhibits:




3.1
            Certificate
                of Formation of ICON Income Fund Nine, LLC.  Exhibit 4.3 to our
                Registration Statement on Form S-1 filed with the SEC on August 15,
                2001
                (File No. 333-67638), is incorporated herein by
                reference.




4.1
            ICON
                Income Fund Nine, LLC Amended and Restated Limited Liability Company
                Agreement.  Exhibit A to Amendment No. 1 to our Registration
                Statement on Form S-1 filed with the SEC on October 12, 2001 (File
                No.
                333-67638), is incorporated herein by
                reference.




10.1
            Commercial
                Loan Agreement, by and between California Bank & Trust, ICON Income
                Fund Eight B L.P., ICON Income Fund Nine, LLC, ICON Income Fund Ten,
                LLC
                and ICON Leasing Fund Eleven, LLC, dated August 31,
                2005.  Exhibit 10.1 to our Current Report on Form 8-K, dated
                September 7, 2005 is incorporated herein by
                reference.




10.2
            Loan
                Modification Agreement, by and between California Bank & Trust and
                ICON Income Fund Eight B L.P., ICON Income Fund Nine, LLC, ICON Income
                Fund Ten, LLC and ICON Leasing Fund Eleven, LLC, dated December 26,
                2006.
                Exhibit 10.1 to our Current Report on Form 8-K dated December 29,
                2006 is
                incorporated herein by reference.




31.1
            Rule
                13a-14(a)/15d-14(a) certifications.





31.2
            Rule
                13a-14(a)/15d-14(a) certifications.





32.1
            Certification
                pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the
                Sarbanes-Oxley Act of 2002.




32.1
            Certification
                  pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the
                  Sarbanes-Oxley Act of 2002.




(c)
            Financial
                Statements of ICON Aircraft 126 LLC and ICON Aircraft 47820
                LLC










**ICON
      Aircraft 126 LLC**


**(A
      Delaware Limited Liability Company)**





**Consolidated****Financial Statements**





**December
      31, 2006, 2005 and 2004**





(With
      Report of Independent Registered Public Accounting Firm Thereon)





















**ICON
                Aircraft 126 LLC**
              (A
                Delaware Limited Liability Company)
              
              
              Table
                of ContentsReport
                of Independent Registered Public Accounting
                Firm.......................................................................................................................................
            1Consolidated
                Balance Sheets at December 31, 2006 and
                2005...................................................................................................................................
            2Consolidated
                Statements of Operations and Changes in Members’ Equity
              For
                the Years Ended December 31,
                2006, 2005 and
                2004......................................................................................................................................
            3Consolidated
                Statements of Cash Flows For the Years Ended
              December
                31, 2006, 2005 and
                2004 .....................................................................................................................................................................
            4Notes
                to Consolidated Financial
                Statements.............................................................................................................................................................
            5
                -
                9






















The
      Members


ICON
      Aircraft 126 LLC





**REPORT
      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**





We
      have
      audited the consolidated balance sheets of ICON Aircraft 126 LLC (a Delaware
      limited liability company) and its subsidiary as of December 31, 2006 and 2005
      and the related consolidated statements of operations and changes in members’
equity and cash flows for each of the three years in the period ended December
      31, 2006. These consolidated financial statements are the responsibility of
      the
      Company’s management. Our responsibility is to express an opinion on these
      consolidated financial statements based on our audits.





We
      conducted our audits in accordance with the standards of the Public Company
      Accounting Oversight Board (United States). 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
      consideration of internal control over financial reporting as a basis for
      designing audit procedures that are appropriate in the circumstances, but not
      for the purpose of expressing an opinion on the effectiveness of the Company’s
      internal control over financial reporting. Accordingly, we express no such
      opinion. An audit also includes examining, on a test basis, evidence supporting
      the amounts and disclosures in the financial statements, 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 consolidated financial statements referred to above present fairly,
      in all material respects the financial position of ICON Aircraft 126 LLC as
      of
      December 31, 2006 and 2005, and the results of their operations and their cash
      flows for each of the three years in the period ended December 31, 2006, in
      conformity with accounting principles generally accepted in the United States
      of
      America.











/s/
      Hays
& Company LLP





August
      20, 2007


New
      York,
      New York







1





ICON
                Aircraft 126 LLC(A
                Delaware Limited Liability Company)Consolidated
                Balance SheetsDecember
                31,ASSETS2006
            
            
            2005Investment
                in operating lease:Equipment,
                at cost
            
            $
            77,523,584
            
            
            $
            77,523,584Accumulated
                depreciation
            
            
            (20,556,920
            )
            
            
            (16,441,487
            )Net
                investment in operating lease
            
            
            56,966,664
            
            
            
            61,082,097Other
                assets, net
            
            
            345,579
            
            
            
            1,836,631Total
                assets
            
            $
            57,312,243
            
            
            $
            62,918,728LIABILITIES
                AND MEMBERS' EQUITYNotes
                payable - non-recourse
            
            $
            49,551,697
            
            
            $
            53,874,160Deferred
                rental income
            
            
            128,571
            
            
            
            -Accrued
                interest
            
            
            251,000
            
            
            
            221,410Total
                liabilities
            
            
            49,931,268
            
            
            
            54,095,570Commitments
                and contingenciesMembers'
                equity
            
            
            7,380,975
            
            
            
            8,823,158Total
                liabilities and members' equity
            
            $
            57,312,243
            
            
            $
            62,918,728









2







ICON
                Aircraft 126 LLC(A
                Delaware Limited Liability Company)Consolidated
                Statements of Operations and Changes in Members' EquityYears
                Ended December 31,2006
            
            
            2005
            
            
            2004Revenue:Rental
                income
            
            $
            6,753,785
            
            
            $
            8,190,414
            
            
            $
            8,190,414Interest
                income
            
            
            62,883
            
            
            
            40,920
            
            
            
            50,282Total
                revenue
            
            
            6,816,668
            
            
            
            8,231,334
            
            
            
            8,240,696Expenses:Depreciation
                and amortization
            
            
            4,148,392
            
            
            
            4,381,687
            
            
            
            4,381,687Interest
            
            
            3,089,780
            
            
            
            3,053,805
            
            
            
            3,332,187General
                and administrative
            
            
            50,002
            
            
            
            -
            
            
            
            -Aircraft
                maintenance
            
            
            1,152,698
            
            
            
            -
            
            
            
            -Total
                expenses
            
            
            8,440,872
            
            
            
            7,435,492
            
            
            
            7,713,874Net
                (loss) income
            
            
            (1,624,204
            )
            
            
            795,842
            
            
            
            526,822Members'
                equity, beginning of year
            
            
            8,823,158
            
            
            
            8,027,316
            
            
            
            7,500,494Contributions
                received
            
            
            182,021
            
            
            
            -
            
            
            
            -Members'
                equity, end of year
            
            $
            7,380,975
            
            
            $
            8,823,158
            
            
            $
            8,027,316









3







ICON
                Aircraft 126 LLC(A
                Delaware Limited Liability Company)Consolidated
                Statements of Cash FlowsYears
                Ended December 31,2006
            
            
            2005
            
            
            2004Cash
                flows from operating activities:Net
                (loss) income
            
            $
            (1,624,204
            )
            
            $
            795,842
            
            
            $
            526,822Adjustments
                to reconcile net (loss) income to net cashused
                in operating activities:Rental
                income paid directly to lenders by lessees
            
            
            (6,753,785
            )
            
            
            (8,190,414
            )
            
            
            (8,190,414
            )Interest
                income on maintenance reserve
            
            
            (55,784
            )
            
            
            (40,920
            )
            
            
            (50,282
            )Depreciation
                and amortization
            
            
            4,148,392
            
            
            
            4,381,687
            
            
            
            4,381,687Interest
                expense on non-recourse financing paiddirectly
                to lenders by lessees
            
            
            3,060,190
            
            
            
            3,085,157
            
            
            
            3,344,752Change
                in operating liabilities:Other
                assets
            
            
            885,009
            
            
            
            -
            
            
            
            -Deferred
                rental income
            
            
            128,571
            
            
            
            -
            
            
            
            -Accrued
                interest
            
            
            29,590
            
            
            
            (31,352
            )
            
            
            (12,565
            )Net
                cash used in operating activities
            
            
            (182,021
            )
            
            
            -
            
            
            
            -Cash
                flows from financing activities:Contributions
                received
            
            
            182,021
            
            
            
            -
            
            
            
            -Net
                increase in cash
            
            
            -
            
            
            
            -
            
            
            
            -Cash,
                beginning of year
            
            
            -
            
            
            
            -
            
            
            
            -Cash,
                end of year
            
            $
            -
            
            
            $
            -
            
            
            $
            -Supplemental
                disclosure of non-cash investing and financing activities:Principal
                and interest paid directly to lenders by lessees
            
            $
            6,753,785
            
            
            $
            7,798,560
            
            
            $
            7,798,560Other
                assets used to pay down non-recourse debt
            
            $
            582,509
            
            
            $
            -
            
            
            $
            -









4




ICON
        Aircraft 126 LLC
 (A
        Delaware Limited Liability Company)
 Notes
        To
        Consolidated Financial Statements
 December
        31, 2006, 2005 and 2004




(1)
            Organization


ICON
        Aircraft 126 LLC (the “LLC”) was formed on February 15, 2002 as a Delaware
        limited liability company. The LLC is a joint venture between two affiliated
        entities, ICON Income Fund Eight B L.P. (“Fund Eight B”) and ICON Income Fund
        Nine, LLC (“Fund Nine”). Fund Eight B and Fund Nine each have a 50% interest in
        the LLC’s profits, losses and cash distributions.
 
 On
        March
        4, 2002, the LLC acquired all of the outstanding shares of Delta Aircraft
        Leasing Limited (“D.A.L.”), a Cayman Islands registered company, for
        approximately $75,288,000, which was comprised of approximately $4,250,000
        of
        cash and the assumption of approximately $70,277,000 of non-recourse debt.
        D.A.L
        owns, through an owner trust, an Airbus A340-313X aircraft which is on lease
        to
        Cathay Pacific Airways Limited (“Cathay”). The lender has a security interest in
        the aircraft and an assignment of the rental payments under the lease. The
        lease
        was initially scheduled to expire in March 2006 but has been extended until
        July
        1, 2011.
  The
        General Partner/Manager of the both the LLC’s members is ICON Capital Corp. (the
“Manager”), a Delaware corporation. The Manager indirectly manages and controls
        the business affairs of the LLC's assets under the terms of separate limited
        partnership and operating agreements with Fund Eight B and Fund
        Nine.  The LLC paid the Manager approximately $2,236,000 in
        acquisition fees in connection with the acquisition of the D.A.L.
        shares.





(2)
            Summary
                of Significant Accounting Policies




Consolidation
 
 The consolidated
        financial statements include the accounts of the LLC and its wholly-owned
        subsidiary.  All intercompany accounts and transactions have been
        eliminated in consolidation.
 
 Investment
        in Operating Lease
 
 Investment
        in operating lease is stated at cost less accumulated depreciation. Depreciation
        is being provided for using the straight-line method over the term of the
        related equipment lease to its estimated residual value at lease end. Upon
        the
        final disposition of the equipment, the cost and related accumulated
        depreciation are removed from the accounts and the resulting gain or loss
        is
        reflected in the consolidated statement of operations. Revenues from
        operating leases are recognized on a straight line basis over the lives of
        the
        related leases.
 
 Asset
        Impairments
 
 The
        LLC's
        assets are periodically reviewed, at least annually, to determine whether
        events
        or changes in circumstances indicate that the carrying value of an asset
        may not
        be recoverable. An impairment loss is recognized only if the carrying amount
        of
        a long-lived asset is not recoverable and exceeds its fair value.  If
        there is an indication of impairment, the LLC estimates the future cash flows
        (undiscounted and without interest charges) expected to result from the use
        of
        the asset and its eventual disposition. Future cash flows are the future
        cash
        inflows expected to be generated by an asset less the future outflows expected
        to be necessary to obtain those inflows.  If an impairment is
        determined to exist, an impairment loss is measured as the amount by which
        the
        carrying amount of a long-lived asset exceeds its fair value.





5




ICON
        Aircraft 126 LLC
 (A
        Delaware Limited Liability Company)
 Notes
        To Consolidated Financial Statements
 December
        31, 2006, 2005 and 2004





(2)
            Summary
                of Significant Accounting Policies -
                continued




The
        events or changes in circumstances which generally indicate that an asset
        may be
        impaired are (i) the estimated fair value of the underlying equipment is
        less
        than its carrying value or (ii) the lessee is experiencing financial
        difficulties and it does not appear likely that the estimated proceeds from
        the
        disposition of the asset will be sufficient to satisfy the residual position
        in
        the asset and, if applicable, the remaining obligation to the non-recourse
        lender.  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 LLC does
        not
        recover its residual position until the non-recourse note payable is repaid
        in
        full.
 
 Income
        Taxes
 
 The
        LLC
        is taxed as a partnership for Federal and state income tax purposes. No
        provision for income taxes has been recorded since the liability for such
        taxes
        is that of each of the individual members rather than the LLC. The LLC's
        income
        tax returns are subject to examination by the Federal and state taxing
        authorities, and changes, if any, could adjust the individual income tax
        of the
        members.
 
 Revenue
        Recognition
 
 The
        LLC
        leases equipment to third parties which may be classified as either a finance
        lease or an operating lease, which is determined based upon the terms of
        each
        lease. Initial direct costs are capitalized and amortized over the term of
        the
        related lease for a finance lease. For an operating lease, the initial direct
        costs are included as a component of the cost of the equipment and
        depreciated.
 
 For
        finance leases, the LLC records, at lease inception, the total minimum lease
        payments receivable from the lessee, the estimated unguaranteed residual
        value
        of the equipment at lease termination, the initial direct costs related to
        the
        lease and the related unearned income. Unearned income represents the difference
        between the sum of the minimum lease payments receivable plus the estimated
        unguaranteed residual value minus the cost of the leased equipment. Unearned
        income is recognized as finance income over the term of the lease using the
        effective interest rate method.
 
 For
        operating leases, rental income is recognized on the straight line method
        over
        the lease term.  Billed and uncollected operating lease receivables
        are included in other assets. Deferred rental income is the difference between
        the timing of the cash payments and the income recognized on a straight line
        basis.
 
 Use
        of
        Estimates
 
 The
        preparation of financial statements in conformity with accounting principles
        generally accepted in the United States of America requires management to
        make
        estimates and assumptions that affect the reported amounts of assets and
        liabilities and the disclosure of contingent assets and liabilities as of
        the
        date of the financial statements and the reported amounts of revenues and
        expenses during the reporting period. Significant estimates primarily include
        impairments, depreciation and amortization and unguaranteed residual
        values.  Actual results could differ from those
        estimates.


6




ICON
        Aircraft 126 LLC
 (A
        Delaware Limited Liability Company)
 Notes
        To
        Consolidated  Financial Statements
 December
        31, 2006, 2005 and 2004





(2)
            Summary
                of Significant Accounting Policies -
                continued




Recent
        Accounting Pronouncements
 
 In
        April
        2006, the Financial Accounting Standards Board (“FASB”) issued Statement of
        Financial Accounting Standards (“SFAS”) No. 155, “Accounting for Certain
        Financial Instruments” (“SFAS 155”), an amendment to SFAS No. 133 (“SFAS 133”)
        and SFAS No. 140. SFAS 155 addresses what had been characterized as a temporary
        exemption from the application of the bifurcation requirements of SFAS 133
        to
        beneficial interests in securitized financial assets. The adoption of SFAS
        155
        did not have any impact on the LLC’s consolidated financial
        statements.
 
 In
        September 2006, the FASB issued SFAS No. 157 “Accounting for Fair Value
        Measurements” (“SFAS 157”).  SFAS 157 establishes a separate framework
        for determining fair values of assets and liabilities that are required by
        other
        authoritative pronouncements to be measured at fair value. In addition, SFAS
        157
        incorporates and clarifies the guidance in FASB Concepts Statement No. 7
        regarding the use of present value techniques in measuring fair value. SFAS
        157
        is effective for financial statements with fiscal years beginning after November
        15, 2007. The Manager is currently evaluating the impact of this pronouncement,
        but does not currently believe it will have a material impact on the
        LLC’s consolidated financial statements.
 
 In
        September 2006, the Securities and Exchange Commission (“SEC”) issued Staff
        Accounting Bulletin No. 108, “Considering the Effects of Prior Year
        Misstatements when Quantifying Misstatements in Current Year Financial
        Statements” (“SAB 108”). SAB 108 expresses the views of the SEC staff regarding
        the process of quantifying the materiality of financial misstatements. SAB
        108
        requires both the balance sheet and income statement approaches be used when
        quantifying the materiality of misstated amounts. In addition, SAB 108 contains
        guidance on correcting errors under the dual approach and provides transition
        guidance for correcting errors existing in prior years. SAB 108 is effective
        for
        the fiscal years ending after November 15, 2006. The adoption of SAB 108
        did not
        have an impact on the LLC’s****consolidated financial
        statements.
 
 The
        Manager does not believe that any recently issued, but not yet effective,
        accounting pronouncements, if currently adopted, would have a material effect
        on
        the accompanying consolidated financial statements.


(3)
            Investment
                in Operating Lease




The
        LLC’s
        sole investment at both December 31, 2006 and 2005 is an Airbus A340-313X
        aircraft on lease to Cathay. The lease was initially scheduled to expire
        in
        March 2006 but has been extended until July 1, 2011.
 
 The
        LLC
        had a commitment with respect to the aircraft to pay certain of the maintenance
        overhaul costs, which were incurred on or prior to March 27, 2006. The LLC
        had
        established a maintenance account, which totaled prior to paying the maintenance
        overhaul cost, approximately $1,385,000 to pay for its portion of these costs.
        This account was funded by the lessee in accordance with the terms of the
        original lease. The LLC’s obligations to make payments into the maintenance
        account ceased in February 2006. During September 2006, approximately $1,153,000
        was paid for the maintenance costs. The excess cash remaining of approximately
        $232,000, which includes interest accreted in the amount of approximately
        $31,000 through December 31, 2006, is included in other assets, net in the
        accompanying consolidated financial statements and will be used to pay down
        the principal balance of the related non-recourse debt.




7




ICON
        Aircraft 126 LLC
 (A
        Delaware Limited Liability Company)
 Notes
        To
        Consolidated Financial Statements
 December
        31, 2006, 2005 and 2004


(3)
            Investment
                in Operating Lease - continued





In
      connection with the original purchase of the aircraft, the owner trustee entered
      into two first priority charge on cash deposit agreements pursuant to which
      the
      maintenance account for the aircraft owned by the LLC was cross-collateralized
      with the maintenance account for another Cathay aircraft owned by ICON Aircraft
      123 LLC (“ICON 123”) which is a wholly-owned subsidiary of Fund Eight B. Under
      the terms of this agreement, the LLC was required to pay on behalf of ICON
      123
      any maintenance cost shortfalls incurred by the affiliate. On January 30, 2007,
      the LLC paid approximately $143,000 in maintenance costs from the remaining
      balance in its maintenance account on behalf of ICON 123. The maintenance
      account and related security interest were then terminated. ICON 123 will
      reimburse the LLC for the maintenance shortfall when the aircraft owned by
      ICON
      123 is sold.





Non-cancelable
      minimum annual rentals over the next five years are as follows:





Years
                EndingDecember
                31,2007
            
            
            $
            6,540,0002008
            
            
            $
            6,540,0002009
            
            
            $
            6,540,0002010
            
            
            $
            5,940,0002011
            
            
            $
            2,970,000








(4)
            Note
                Payable - Non-Recourse





Simultaneously
      with the lease extension, the LLC, through the owner trustee, refinanced the
      non-recourse debt associated with the aircraft. The refinancing was done because
      the original non-recourse debt of approximately $52,850,000 was due to be repaid
      on March 27, 2006. The LLC established, under the original lease, a reserve
      account totaling approximately $583,000, which was used to reduce the balloon
      payment to approximately $52,267,000. The refinanced non-recourse debt, which
      accrues interest at the London Interbank Offered Rate (“LIBOR”) plus 1.165%,
      matures on July 1, 2011 and requires a balloon payment of approximately
      $33,140,000. The variable interest rate of the refinanced debt was fixed at
      6.104% under the terms of the debt agreement effective October 3,
      2006.





During
      2006, the LLC received $182,020 of capital contributions from both of its
      members of which $50,000 was for amounts paid by its members’ relating to the
      maintenance reserve account and $132,020 related to costs paid by its members
      relating to the refinancing of the non-recourse debt.




Principal
      maturities of the LLC’s refinanced non-recourse debt over the next five years
      consist of following:





Years
                EndingDecember
                31,2007
            
            
            $
            3,561,1802008
            
            
            $
            3,788,1422009
            
            
            $
            4,029,5682010
            
            
            $
            3,826,9772011
            
            
            $
            34,345,830






8




ICON
        Aircraft 126 LLC
 (A
        Delaware Limited Liability Company)
 Notes
        To Consolidated Financial Statements
 December
        31, 2006, 2005 and 2004





(5)
            Residual
                Sharing Agreement





The
      LLC
      is a party to a residual sharing agreement (the “Airtrade Residual Sharing
      Agreement”) with ICON 123, and Airtrade Capital Corp. (“Airtrade”). Pursuant to
      the terms of the Airtrade Residual Sharing Agreement, all proceeds received
      in
      connection with the sale or lease extension of the aircrafts owned by the LLC
      and ICON 123 in excess of $8,500,000 (in the aggregate) of the debt associated
      with each aircraft (net of expenses) will be allocated 55% to the LLC or ICON
      123, as applicable, and 45% will be allocated to Airtrade.





(6)
            Fair
                Value of Financial Instruments





SFAS
      No.
      107, "Disclosures About Fair Values of Financial Instruments," requires
      disclosures about the fair value of financial instruments. Separate
      disclosure of fair value information at December 31, 2006 and 2005 with respect
      to the LLC's assets and liabilities is not separately provided since (i) SFAS
      No. 107 does not require fair value disclosures of lease arrangements and (ii)
      the carrying value of financial assets, other than lease related investments,
      and the recorded value of non-recourse debt, approximates fair market value
      due to their short term maturities. The estimated fair value of the LLC’s
      non-recourse notes payable at December 31, 2006 was approximately
      $33,840,000. The estimated fair value of the LLC’s non-recourse notes
      payable at December 31, 2005 was approximately the same as the book value due
      to
      the remaining short-term of this obligation.




(7)
            Transactions
                with Related Parties





The
      LLC
      does not maintain a separate bank account and therefore, from time-to-time
      in
      the normal course of operations, the LLC’s members’ will pay certain operating
      and general and administrative expenses on behalf of the LLC in proportion
      with
      their member interests. The Manager has determined that these expenses are
      not
      material to the LLC’s operations.





The
      financial condition and results of
      operations of the LLC, as reported, are not necessarily indicative of the
      results that would have been reported had the LLC operated completely
      independently.





9





**ICON
        Aircraft 47820 LLC**
 **(A
        Delaware Limited Liability Company)**
 
 **Financial
        Statements**
 
 **December
        31, 2006, 2005 and 2004**
 
 (With
        Report of Independent Registered Public Accounting Firm Thereon)






**ICON
                  Aircraft 47820 LLC**
              (A
                Delaware Limited Liability Company)
              
              
              Table
                of ContentsReport
                of Independent Registered Public Accounting
                Firm........................................................................................................................................
            1Balance
                Sheets at December 31, 2006 and
                2005......................................................................................................................................................
            2Statements
                of Operations and Changes in Members’ Equity
              For
                the Years Ended December 31,
                2006, 2005 and
                2004......................................................................................................................................
            3Statements
                of Cash Flows For the Years Ended
              December
                31, 2006, 2005 and
                2004......................................................................................................................................................................
            4Notes
                to Financial
                Statements.................................................................................................................................................................................
            5
                -
                9




The
        Members
 ICON
        Aircraft 47820 LLC
 
 
 **REPORT
        OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**
 
 
 We
        have
        audited the balance sheets of ICON Aircraft 47820 LLC (a Delaware limited
        liability company) as of December 31, 2006 and 2005 and the related statements
        of operations and changes in members’ equity and cash flows for each of the
        three years in the period ended December 31, 2006. These financial statements
        are the responsibility of the Company’s management.  Our
        responsibility is to express an opinion on these financial statements based
        upon
        our audits.
 
 We
        conducted our audits in accordance with the standards of the Public Company
        Accounting Oversight Board (United States). 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
        consideration of internal control over financial reporting as a basis for
        designing audit procedures that are appropriate in the circumstances, but
        not
        for the purpose of expressing an opinion on the effectiveness of the Company’s
        internal control over financial reporting. Accordingly, we express no such
        opinion. An audit also includes examining, on a test basis, evidence supporting
        the amounts and disclosures in the financial statements, 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 Aircraft 47820 LLC as of
        December 31, 2006 and 2005, and the results of its operations and its cash
        flows
        for each of the three years in the period ended December 31, 2006, in conformity
        with accounting principles generally accepted in the United States of
        America.
 
 
 /s/
        Hays
& Company LLP
 
 August
        20, 2007
 New
        York,
        New York
   1


ICON
                  Aircraft 47820, LLC(A
                  Delaware Limited Liability Company)Balance
                  SheetsDecember
                  31,ASSETS2006
              
              
              2005Investment
                  in operating lease:Equipment,
                  at cost
              
              $
              24,479,914
              
              
              $
              24,479,914Accumulated
                  depreciation
              
              
              (17,439,914
              )
              
              
              (15,279,914
              )Net
                  investments in operating leases
              
              
              7,040,000
              
              
              
              9,200,000Other
                  assets, net
              
              
              1,292,903
              
              
              
              631,424Total
                  assets
              
              $
              8,332,903
              
              
              $
              9,831,424LIABILITIES
                  AND MEMBERS' EQUITYNotes
                  payable - non-recourse
              
              $
              2,884,853
              
              
              $
              8,490,776Commitments
                  and contingenciesMembers'
                  equity
              
              
              5,448,050
              
              
              
              1,340,648Total
                  liabilities and members' equity
              
              $
              8,332,903
              
              
              $
              9,831,424
 
  2
 
  ICON
                  Aircraft 47820, LLC(A
                  Delaware Limited Liability Company)Statements
                  of Operations and Changes in Members' EquityYears
                  Ended December 31,2006
              
              
              2005
              
              
              2004Revenue:Rental
                  income
              
              $
              6,494,520
              
              
              $
              6,494,520
              
              
              $
              6,494,520Expenses:Impairment
                  loss
              
              
              -
              
              
              
              3,626,359
              
              
              
              -Depreciation
              
              
              2,160,000
              
              
              
              5,394,840
              
              
              
              5,394,840Interest
              
              
              227,118
              
              
              
              417,407
              
              
              
              657,595Total
                  expenses
              
              
              2,387,118
              
              
              
              9,438,606
              
              
              
              6,052,435Net
                  income (loss)
              
              
              4,107,402
              
              
              
              (2,944,086
              )
              
              
              442,085Members'
                  equity, beginning of year
              
              
              1,340,648
              
              
              
              4,284,734
              
              
              
              3,842,649Members'
                  equity, end of year
              
              $
              5,448,050
              
              
              $
              1,340,648
              
              
              $
              4,284,734
 
  3
 
  ICON
                  Aircraft 47820, LLC(A
                  Delaware Limited Liability Company)Statements
                  of Cash FlowsYears
                  Ended December 31,2006
              
              
              2005
              
              
              2004Cash
                  flows from operating activities:Net
                  income (loss)
              
              $
              4,107,402
              
              
              $
              (2,944,086
              )
              
              $
              442,085Adjustments
                  to reconcile net income (loss) to net cashprovided
                  by operating activities:Rental
                  income paid directly to lenders by lessees
              
              
              (6,494,520
              )
              
              
              (6,494,520
              )
              
              
              (6,494,520
              )Impairment
                  loss
              
              
              -
              
              
              
              3,626,359
              
              
              
              -Depreciation
              
              
              2,160,000
              
              
              
              5,394,840
              
              
              
              5,394,840Interest
                  expense on non-recourse financing paiddirectly
                  to lenders by lessees
              
              
              227,118
              
              
              
              417,407
              
              
              
              657,595Net
                  cash provided by operating activities
              
              
              -
              
              
              
              -
              
              
              
              -Cash,
                  beginning of year
              
              
              -
              
              
              
              -
              
              
              
              -Cash,
                  end of year
              
              $
              -
              
              
              $
              -
              
              
              $
              -Supplemental
                  disclosure of non-cash investing and financing activities:Principal
                  and interest paid directly to lenders by lessees
              
              $
              5,833,041
              
              
              $
              5,833,041
              
              
              $
              5,833,041
 
  4
 
 ICON
          Aircraft 47820 LLC
 (A
          Delaware Limited Liability Company)
 Notes
          to
          Financial Statements
 December
          31, 2006, 2005 and 2004
 
 (1)
              Organization
 
 ICON
        Aircraft 47820 LLC (the “LLC”) was formed on February 12, 2003 as a Delaware
        limited liability company for the purpose of acquiring an investment in a
        McDonnell Douglas DC-10-30F aircraft and two spare engines (the “Aircraft and
        engines”) on lease to Federal Express Corporation (“FedEx”). The LLC is a joint
        venture between ICON Income Fund Eight B L.P. (“Fund Eight B”) ICON Income Fund
        Nine, LLC (“Fund Nine”) which have interests of 90% and 10%, respectively, in
        the profits, losses and cash distributions of the LLC.
 
 On
        March
        11, 2003, the LLC acquired the Aircraft and engines. The lease expired on
        March
        31, 2007. The LLC acquired the Aircraft and engines for approximately
        $27,288,000, which consisted of approximately $3,077,000 in cash and
        approximately $24,211,000 of non-recourse debt. The non-recourse debt accrues
        interest at 4.035% per year and matures in March 2007. The lender has a security
        interest in the aircraft and an assignment of the rental payments under the
        lease. In addition, the LLC’s member’s General Partner/Manager was paid an
        acquisition fee of approximately $819,000 relating to this transaction. The
        acquisition fee has been included in equipment cost on the accompanying balance
        sheets.
 
 On
        March
        30, 2007, the LLC sold the Aircraft and engines to FedEx.  Since then
        there have been no activities and the LLC will wind up in the near
        future.
 
 The
        General Partner/Manager of the both the LLC’s members is ICON Capital Corp. (the
“Manager”), a Delaware corporation. The Manager indirectly manages and
        controls the business affairs of the LLC's assets under the terms of separate
        limited partnership and operating agreements with Fund Eight B and Fund
        Nine.
 
 (2)
              Summary
                  of Significant Accounting Policies
 
 Investment
        in Operating Lease
 
 The
        investment in operating lease is stated at cost less accumulated
        depreciation.  Depreciation is being provided for using the
        straight-line method over the term of the related equipment lease to its
        estimated residual value at lease end. Upon the final disposition of the
        equipment, the cost and related accumulated depreciation are removed from
        the
        accounts and the resulting gain or loss is reflected in the statement of
        operations.  Revenues from operating leases are recognized on a
        straight line basis over the lives of the related leases.
 
 Asset
        Impairments
 
 The
        LLC's
        assets are periodically reviewed, at least annually, to determine
        whether events or changes in circumstances indicate that the carrying value
        of
        an asset may not be recoverable. An impairment loss is recognized only if
        the
        carrying amount of a long-lived asset is not recoverable and exceeds its
        fair
        value. If there is an indication of impairment, the LLC estimates the
        future cash flows (undiscounted and without interest charges) expected to
        result
        from the use of the asset and its eventual disposition. Future cash flows
        are
        the future cash inflows expected to be generated by an asset less the future
        outflows expected to be necessary to obtain those inflows. If an impairment
        is determined to exist, an impairment loss is measured as the amount by which
        the carrying amount of a long-lived asset exceeds its fair value.
 
 
 5
  ICON
          Aircraft 47820 LLC
 (A
          Delaware Limited Liability Company)
 Notes
          to
          Financial Statements
 December
          31, 2006, 2005 and 2004
 
 (2)
              Summary
                  of Significant Accounting Policies -
                  continued
 
 The
        events or changes in circumstances which generally indicate that an asset
        may be
        impaired are (i) the estimated fair value of the underlying equipment is
        less
        than its carrying value or (ii) the lessee is experiencing financial
        difficulties and it does not appear likely that the estimated proceeds from
        the
        disposition of the asset will be sufficient to satisfy the residual position
        in
        the asset and, if applicable, the remaining obligation to the non-recourse
        lender. 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 LLC does not
        recover
        its residual position until the non-recourse note payable is repaid in
        full.
 
 Income
        Taxes
 
 The
        LLC
        is taxed as a partnership for Federal and state income tax
        purposes.  No provision for income taxes has been recorded since the
        liability for such taxes is that of each of the individual members rather
        than
        the LLC. The LLC's income tax returns are subject to examination by the Federal
        and state taxing authorities, and changes, if any, could adjust the individual
        income tax of the members.
 
 Revenue
        Recognition
 
 The
        LLC
        leases equipment to third parties which may be classified as either a finance
        lease or an operating lease, which is determined based upon the terms of
        each
        lease. Initial direct costs are capitalized and amortized over the term of
        the
        related lease for a finance lease. For an operating lease, the initial direct
        costs are included as a component of the cost of the equipment and
        depreciated.
 
 For
        finance leases, the LLC records, at lease inception, the total minimum lease
        payments receivable from the lessee, the estimated unguaranteed residual
        value
        of the equipment at lease termination, the initial direct costs related to
        the
        lease and the related unearned income.  Unearned income represents the
        difference between the sum of the minimum lease payments receivable plus
        the estimated
        unguaranteed residual value minus the cost of the leased equipment. Unearned
        income is recognized as finance income over the term of the lease using the
        effective interest rate method.
 
 For
        operating leases, rental income is recognized on the straight line method
        over
        the lease term.  Billed and uncollected operating lease receivables
        are included in other assets. Deferred rental income is the difference between
        the timing of the cash payments and the income recognized on a straight line
        basis.
 
 Use
        of
        Estimates
 
 The
        preparation of financial statements in conformity with accounting principles
        generally accepted in the United States of America requires management to
        make
        estimates and assumptions that affect the reported amounts of assets and
        liabilities and the disclosure of contingent assets and liabilities as of
        the
        date of the financial statements and the reported amounts of revenues and
        expenses during the reporting period. Significant estimates primarily include
        impairments, depreciation and unguaranteed residual values.  Actual
        results could differ from those estimates.
   6
  ICON
          Aircraft 47820 LLC
 (A
          Delaware Limited Liability Company)
 Notes
          to
          Financial Statements
 December
          31, 2006, 2005 and 2004
 
 (2)
              Summary
                  of Significant Accounting Policies -
                  continued
 
 Recent
        Accounting Pronouncements
 
 In
        April
        2006, the Financial Accounting Standards Board (“FASB”) issued Statement of
        Financial Accounting Standards (“SFAS”) No. 155, “Accounting for Certain
        Financial Instruments” (“SFAS 155”), an amendment to SFAS No. 133 (“SFAS 133”)
        and SFAS No. 140. SFAS 155 addresses what had been characterized as a temporary
        exemption from the application of the bifurcation requirements of SFAS 133
        to
        beneficial interests in securitized financial assets. The adoption of SFAS
        155
        did not have any impact on the LLC’s financial statements.
 
 In
        September 2006, the FASB issued SFAS No. 157 “Accounting for Fair Value
        Measurements” (“SFAS 157”). SFAS 157 establishes a separate framework for
        determining fair values of assets and liabilities that are required by other
        authoritative GAAP pronouncements to be measured at fair value. In addition,
        SFAS 157 incorporates and clarifies the guidance in FASB Concepts Statement
        No.
        7 regarding the use of present value techniques in measuring fair value.
        SFAS
        157 is effective for financial statements with fiscal years beginning after
        November 15, 2007. The Manager is currently evaluating the impact of this
        pronouncement, but does not currently believe it will have a material impact
        on
        the LLC’s financial statements.
 
 In
        September 2006, the Securities and Exchange Commission (“SEC”) issued Staff
        Accounting Bulletin No. 108, “Considering the Effects of Prior Year
        Misstatements when Quantifying Misstatements in Current Year Financial
        Statements” (“SAB 108”). SAB 108 expresses the views of the SEC staff regarding
        the process of quantifying the materiality of financial misstatements. SAB
        108
        requires both the balance sheet and income statement approaches be used when
        quantifying the materiality of misstated amounts. In addition, SAB 108 contains
        guidance on correcting errors under the dual approach and provides transition
        guidance for correcting errors existing in prior years. SAB 108 is effective
        for
        the fiscal years ending after November 15, 2006. The adoption of SAB 108
        did not
        have an impact on the LLC’s****financial
        statements.
 
 The
        Manager does not believe that any recently issued, but not yet effective,
        accounting pronouncements, if currently adopted, would have a material effect
        on
        the accompanying financial statements.
 
 (3)
              Investment
                  in Operating Lease
 
 The
        LLC’s
        sole investment at both December 31, 2006 and 2005 is the Aircraft and engines
        on lease to FedEx. The lease expired on March 31, 2007 and the Aircraft and
        engines were sold to FedEx.
 
 On
        September 21, 2006, FedEx provided the LLC with its irrevocable notice to
        purchase the Aircraft and engines. Pursuant to the lease, the LLC had twenty
        days to agree with FedEx on the fair value of the Aircraft and engines. The
        lease further provided that if the parties did not agree within that time
        period, then they had ten days to appoint a mutually acceptable appraiser.
        If
        the parties could not agree on an appraiser, the lease provided that the
        fair
        value would be determined by independent appraisers, one selected by the
        Manager
        and one selected by FedEx. Moreover, the lease provided that if those appraisers
        could not agree on the fair value, the two appraisers would appoint a third
        nationally recognized independent aircraft appraiser.
 
 
 7
 
 ICON
          Aircraft 47820 LLC
 (A
          Delaware Limited Liability Company)
 Notes
          to
          Financial Statements
 December
          31, 2006, 2005 and 2004
 
 (3)
              Investment
                  in Operating Lease - continued
 
 The
        LLC
        selected a nationally recognized appraiser and received an appraisal value
        for
        the Aircraft and engines of $10,460,000. In addition, the Manager commissioned
        an additional nationally recognized appraiser to conduct an appraisal on
        the
        Aircraft and engines who appraised the Aircraft and engines at
        $7,820,000.
 
 The
        appraiser selected by FedEx, however, valued the Aircraft and engines at
        only
        $5,500,000, which was significantly lower than the Manager’s two appraisals and
        much lower than all publicly available published values for this type of
        aircraft.
 
 When
        the
        appraisers chosen by the Manager and FedEx could not agree on the fair value,
        they selected a third appraiser. Although FedEx did not initially agree to
        this
        appraiser, it ultimately did so. In February 2007, FedEx finally agreed to
        allow
        the process to proceed with the third appraiser and on February 23, 2007,
        the
        third appraiser was retained by the parties.
 
 On
        March
        2, 2007, the LLC was notified that the third appraiser valued the Aircraft
        and
        engines at what the Manager believes is an exceedingly low appraisal valuing
        the
        Aircraft and engines at $5,450,000. Pursuant to a formula in the lease, the
        two
        appraisals that are closest in value are to be averaged, which resulted in
        a
        sales price for the Aircraft and engines of $5,475,000, resulting in a loss
        on
        the sale of the Aircraft and engines of approximately $1,020,000, which was
        recorded by the LLC during the first quarter of 2007.
 
 The
        Manager concluded, based upon the third appraisal obtained in October
        2006, that no impairments were required on the Aircraft and engines at
        December 31, 2006. At December 31, 2005, based upon an independent third
        party
        appraisal that indicated the Aircraft and engines were impaired due to a
        slower
        than expected recovery in the air transportation industry, an impairment
        loss of
        approximately $3,626,000 was recorded to more closely approximate the adjusted
        book value to the current fair value of the Aircraft and engines.
  On
        March
        30, 2007, the LLC sold the aircraft and engines to FedEx for $5,475,000.
        The
        final lease payment was paid to the lender, satisfying all remaining debt
        obligations.
 
 (4)
              Note
                  Payable - Non-Recourse
 
 On
        March
        11, 2003, the LLC incurred approximately $24,211,000 of non-recourse debt
        in
        connection with the acquisition of the Aircraft and engines. The non-recourse
        debt accrued interest at 4.035% per year and matured on March 30,
        2007. The lender had a security interest in the Aircraft and engines and
        an
        assignment of the rental payments under the lease. In conjunction with the
        sale
        of the Aircraft and engines, FedEx paid the remaining outstanding balance
        of the
        debt of approximately $2,900,000.
 
 (5)
              Fair
                  Value of Financial Instruments
 
 SFAS
        No.
        107, "Disclosures About Fair Values of Financial Instruments," requires
        disclosures about the fair value of financial instruments. Separate disclosure
        of fair value information at December 31, 2006 and 2005 with respect to the
        LLC's assets and liabilities is not separately provided since (i) SFAS No.
        107
        does not require fair value disclosures of lease arrangements and (ii) the
        carrying value of financial assets, other than lease related investments,
        and
        the recorded value of non-recourse debt approximates fair market value due
        to their short term maturities. The estimated fair value of the LLC’s
        non-recourse notes payable at December 31, 2006 was approximately the same
        as the book value due to the remaining short-term of this obligation and
        the
        fair value at December 31, 2005 was $7,709,219.
   8
  ICON
          Aircraft 47820 LLC
 (A
          Delaware Limited Liability Company)
 Notes
          to
          Financial Statements
 December
          31, 2006, 2005 and 2004
 (6)
                Transactions
                    with Related Parties
  The
        LLC
        does not maintain a separate bank account and therefore, from time-to-time
        in
        the normal course of operations, the LLC’s members’ will pay certain operating
        and general and administrative expenses on behalf of the LLC in proportion
        with
        their member interests. The Manager has determined that these expenses are
        not
        material to the LLC’s operations.
 
 The
        financial condition and results of operations of the LLC, as reported, are
        not
        necessarily indicative of the results that would have been reported had the
        LLC
        operated completely independently.
   9
   **SIGNATURES**
 
 Pursuant
        to the requirements of Section 13 or 15(d) of the Securities Exchange Act
        of
        1934, we have duly caused this report to be signed on its behalf by the
        undersigned, thereunto duly authorized.
 
 ICON
        Income Fund Nine, LLC File No. 000-50217(Registrant) by its
        Manager, ICON Capital Corp.
 
 */s/
        Thomas W. Martin*
 Thomas
        W.
        Martin
 Chairman,
        Chief Executive Officer and President of the Manager
 (Principal
        Executive Officer)
 ICON
        Capital Corp.
 Manager
        of ICON Income Fund Nine, LLC
 
 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
        Manager of the Registrant
 
 *Dated:
        August 23, 2007*
 
 */s/
        Thomas W. Martin*
 Thomas
        W.
        Martin
 Chairman,
        Chief Executive Officer and President of the Manager
 (Principal
        Executive Officer)
 ICON
        Capital Corp.
 Manager
        of ICON Income Fund Nine, LLC
 
 
 *Dated:
        August 23, 2007*
 
 */s/Michael A. Reisner*
 Michael
        A. Reisner
 Director,
        Executive Vice President and Chief Financial Officer of the
        Manager
 (Principal
        Financial and Accounting Officer)
 ICON
        Capital Corp.
 Manager
        of ICON Income Fund Nine, LLC
 
 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 members and a copy will be forwarded to the
        Commission.