##### 



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-Q
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 FOR
THE QUARTERLY PERIOD ENDED JUNE 30, 2005
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 FOR THE TRANSITION PERIOD FROM  TO
 Commission file number 0-18982
 IEA INCOME FUND X, L.P.
  California
(State or other jurisdiction of
incorporation or organization)
    
    94-3098648
(I.R.S. Employer
Identification No.)
 
 
 þ o
 o þ




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IEA INCOME FUND X, L.P.
 Report on Form 10-Q for the Quarterly Period
Ended June 30, 2005
 TABLE OF CONTENTS
 PAGEPART I  FINANCIAL INFORMATION
    
    
    3Item 1. Financial Statements
    
    
    3Condensed Balance Sheets  June 30, 2005 and December 31, 2004 (unaudited)
    
    
    4Condensed Statements of Operations for the three and six months ended June 30, 2005 and 2004 (unaudited)
    
    
    5Condensed Statements of Cash Flows for the six months ended June 30, 2005 and 2004 (unaudited)
    
    
    6Notes to Condensed Financial Statements (unaudited)
    
    
    7Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    13Item 3. Quantitative and Qualitative Disclosures About Market Risk
    
    
    18Item 4. Controls and Procedures
    
    
    18PART II  OTHER INFORMATION
    
    
    19Item 1. Legal Proceedings
    
    
    19Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    
    
    19Item 3. Defaults Upon Senior Securities
    
    
    19Item 4. Submissions of Matters to a Vote of Securities Holders
    
    
    19Item 5. Other Information
    
    
    19Item 6. Exhibits
    
    
    19
 2




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##### 



PART I  FINANCIAL INFORMATION
 
 Financial Statements
   3




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##### 



IEA INCOME FUND X, L.P.
 
 Condensed Balance Sheets
(Unaudited)
 June 30,
    
    December 31,2005
    
    2004AssetsCurrent assets:Cash and cash equivalents, includes $332,463 at June 30, 2005
and $326,723 at December 31, 2004 in interest-bearing accounts
    
    $
    347,463
    
    
    $
    341,723Net lease receivables due from Leasing Company
(notes 1 and 2)
    
    
    49,732
    
    
    
    138,704Sales-type lease receivable held for sale, net of unearned income (note 3)
    
    
    65,546
    
    
    
    Container rental equipment held for sale, net of accumulated depreciation
of
$1,638,215 at June 30, 2005 and $- at December 31, 2004 (note 1)
    
    
    342,261
    
    
    
    Total current assets
    
    
    805,002
    
    
    
    480,427Container rental equipment, net of accumulated depreciation of
$- at June 30, 2005 and $1,932,205 at December 31, 2004 (note 1)
    
    
    
    
    
    
    457,848Total assets
    
    $
    805,002
    
    
    $
    938,275Partners CapitalPartners capital (deficit):General partner
    
    $
    (77,923
    )
    
    $
    (167,421
    )Limited partners
    
    
    882,925
    
    
    
    1,105,696Total partners capital
    
    $
    805,002
    
    
    $
    938,275
  4




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##### 



IEA INCOME FUND X, L.P.
 
 Condensed Statements of Operations
(Unaudited)
 Three Months Ended
    
    Six Months EndedJune 30,
    
    June 30,
    
    June 30,
    
    June 30,2005
    
    2004
    
    2005
    
    2004Net lease revenue (notes 1 and 4)
    
    $
    39,829
    
    
    $
    72,042
    
    
    $
    72,006
    
    
    $
    143,587Other operating income (expenses):Depreciation
    
    
    (24,709
    )
    
    
    (78,439
    )
    
    
    (57,459
    )
    
    
    (161,671
    )Other general and administrative expenses
    
    
    (17,796
    )
    
    
    (14,821
    )
    
    
    (32,599
    )
    
    
    (30,856
    )Net gain on disposal of equipment
    
    
    52,359
    
    
    
    7,665
    
    
    
    95,396
    
    
    
    12,135Income (loss) from operations
    
    
    49,683
    
    
    
    (13,553
    )
    
    
    77,344
    
    
    
    (36,805
    )Other income:Interest income
    
    
    1,782
    
    
    
    186
    
    
    
    3,418
    
    
    
    380Net income (loss)
    
    $
    51,465
    
    
    $
    (13,367
    )
    
    $
    80,762
    
    
    $
    (36,425
    )Allocation of net income (loss):General partner
    
    $
    52,350
    
    
    $
    7,455
    
    
    $
    95,250
    
    
    $
    11,649Limited partners
    
    
    (885
    )
    
    
    (20,822
    )
    
    
    (14,488
    )
    
    
    (48,074
    )$
    51,465
    
    
    $
    (13,367
    )
    
    $
    80,762
    
    
    $
    (36,425
    )Limited partners per unit share of net
income (loss)
    
    $
    (0.02
    )
    
    $
    (0.53
    )
    
    $
    (0.37
    )
    
    $
    (1.23
    )
  5




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##### 



IEA INCOME FUND X, L.P.
 
 Condensed Statements of Cash Flows
(Unaudited)
 Six Months EndedJune 30,
    
    June 30,2005
    
    2004Net cash provided by operating activities
    
    $
    37,723
    
    
    $
    101,045Cash flows provided by investing activities:Proceeds from sale of container rental equipment
    
    
    135,060
    
    
    
    102,797Payment received from sales-type lease for sale
of rental equipment
    
    
    46,993
    
    
    
    182,053
    
    
    
    102,797Cash flows used in financing activities:Distribution to general partner
    
    
    (5,752
    )
    
    
    (6,272
    )Distribution to limited partners
    
    
    (208,283
    )
    
    
    (208,284
    )Total distribution to partners
    
    
    (214,035
    )
    
    
    (214,556
    )Net increase (decrease) in cash and cash equivalents
    
    
    5,741
    
    
    
    (10,714
    )Cash and cash equivalents at beginning of period
    
    
    341,723
    
    
    
    339,147Cash and cash equivalents at end of period
    
    $
    347,464
    
    
    $
    328,433
  6




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##### 



IEA INCOME FUND X, L.P.
 
 Notes to Unaudited Condensed Financial Statements
 Summary of Significant Accounting Policies
 (a)
    
    Nature of OperationsIEA Income Fund X, L.P. (the Partnership) is a limited partnership organized under the
laws of the State of California on July 18, 1989 for the purpose of owning and leasing
marine cargo containers worldwide to ocean carriers. The Partnerships operations are
subject to the fluctuations of world economic and political conditions. The Partnership
believes that the profitability of, and risks associated with, leases to foreign customers
is generally the same as those of leases to domestic customers. The Partnerships leases
generally require all payments to be made in United States currency.Cronos Capital Corp. (CCC) is the general partner and, with its affiliate Cronos
Containers Limited (the Leasing Company), manages the business of the Partnership.
CCC and the Leasing Company also manage the container leasing business for other
partnerships affiliated with CCC.The Partnership commenced operations on January 17, 1990, when the minimum subscription
proceeds of $1,000,000 were obtained. The Partnership offered 40,000 units of limited
partnership interest at $500 per unit, or $20,000,000. The offering terminated on October
30, 1990, at which time 39,206 limited partnership units had been sold.The decision to dispose of containers is influenced by various factors including age,
condition, suitability for continued leasing as well as the geographical location when
disposed. At June 30, 2005, the Partnerships fleet size measured approximately 22% of its
original fleet size. Accordingly, the Partnership has entered the final phase of its
liquidation and wind-up stage of operations. On July 7, 2005, CCC distributed a request for
proposal (RFP) to various third parties seeking their interest in purchasing the
Partnerships remaining on-hire containers. The Partnership sought bids for both its
on-hire containers that are subject to master and term leases (the Operating Containers)
and on-hire containers that are subject to sales-type leases (together with the associated
receivables) (the Sales-Type Containers). The Partnership is seeking to consummate the
sale of its remaining containers by August 31, 2005 (see Note 6).(b)
    
    Leasing Company and Leasing Agent AgreementPursuant to the Limited Partnership Agreement of the Partnership, all authority to
administer the business of the Partnership is vested in CCC. A Leasing Agent Agreement
exists between CCC and the Leasing Company, whereby the Leasing Company has the
responsibility to manage the leasing operations of all equipment owned by the Partnership.
Pursuant to the Agreement, the Leasing Company is responsible for leasing, managing and
re-leasing the Partnerships containers to ocean carriers, and has full discretion over
which ocean carriers and suppliers of goods and services it may deal with. The Leasing
Agent Agreement permits the Leasing Company to use the containers owned by the Partnership,
together with other containers owned or managed by the Leasing Company and its affiliates,
as part of a single fleet operated without regard to ownership. Since the Leasing Agent
Agreement meets the definition of an operating lease in Statement of Financial Accounting
Standards (SFAS) No. 13, it is accounted for as a lease under which the Partnership is
lessor and the Leasing Company is lessee.
  7




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##### 



IEA INCOME FUND X, L.P.
 Notes to Unaudited Condensed Financial Statements
 (b)
    
    Leasing Company and Leasing Agent Agreement (continued)The Leasing Agent Agreement generally provides that the Leasing Company will make
payments to the Partnership based upon rentals collected from ocean carriers after
deducting direct operating expenses and management fees to CCC and the Leasing Company.
The Leasing Company leases containers to ocean carriers, under operating leases which are
either master leases or term leases (mostly one to five years) and sales-type leases.
Master leases do not specify the exact number of containers to be leased or the term that
each container will remain on hire but allow the ocean carrier to pick up and drop off
containers at various locations, and rentals are based upon the number of containers used
and the applicable per-diem rate. Accordingly, rentals under master leases are all
variable and contingent upon the number of containers used. Sales-type leases have fixed
payment terms and provide the lessee with a purchase option. The net investment in
sales-type leases represents a receivable due from the Leasing Company, net of unearned
income. Unearned income, when recognized, is reflected in the Partnerships statements of
operations, providing a constant return on capital over the lease term. Unearned income is
recorded as part of the net lease receivable due from the Leasing Company.(c)
    
    Basis of AccountingThe Partnership utilizes the accrual method of accounting. Net lease revenue is
recorded by the Partnership in each period based upon its leasing agent agreement with the
Leasing Company. Net lease revenue is generally dependent upon operating lease rentals
from operating lease agreements between the Leasing Company and its various lessees, less
direct operating expenses and management fees due in respect of the containers specified in
each operating lease agreement.(d)
    
    Use of EstimatesThe financial statements are prepared in conformity with accounting principles
generally accepted in the United States of America (GAAP), which requires the Partnership
to make estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses during the reported
period. Actual results could differ from those estimates.The most significant estimates included within the financial statements are the container
rental equipment estimated useful lives and residual values, and the estimate of future
cash flows from container rental equipment operations, used to determine the carrying value
of container rental equipment in accordance with SFAS No. 144. Considerable judgment is
required in estimating future cash flows from container rental equipment operations.
Accordingly, the estimates may not be indicative of the amounts that may be realized in
future periods. As additional information becomes available in subsequent periods,
recognition of an impairment of the container rental equipment carrying values may be
necessary based upon changes in market and economic conditions.
  8




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IEA INCOME FUND X, L.P.
 Notes to Unaudited Condensed Financial Statements
 (e)
    
    Container Rental Equipment and Container rental Equipment Held for SaleContainer rental equipment is depreciated using the straight-line basis. Depreciation
policies are also evaluated to determine whether subsequent events and circumstances
warrant revised estimates of useful lives.In accordance with SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived
Assets, container rental equipment is considered to be impaired if the carrying value of
the asset exceeds the expected future cash flows from related operations (undiscounted and
without interest charges). If impairment is deemed to exist, the assets are written down
to fair value. An analysis is prepared each quarter projecting future cash flows from
container rental equipment operations. Current and projected utilization rates, per-diem
rental rates, direct operating expenses, fleet size and container disposals are the primary
variables utilized by the analysis. Additionally, the Partnership evaluates future cash
flows and potential impairment by container type rather than for each individual container,
and as a result, future losses could result for individual container dispositions due to
various factors, including age, condition, suitability for continued leasing, as well as
the geographical location of containers when disposed. At June 30, 2005, all of the
Partnerships containers were identified as held for sale. CCC and the Partnership
evaluated the recoverability of the carrying value of the containers, now classified as
held for sale, taking into consideration the sales price for the Operating Containers
reflected by the various bids received in response to the RFP, and the projected future
cash flows for the remaining off-hire rental equipment containers. It was concluded that
the estimated market value of these containers was higher than the carrying value. As a
result of this evaluation, CCC and the Partnership determined impairment charges were not
required for the three and six-month periods ended June 30, 2005. Additionally,
depreciation of these containers ended as of the date of their reclassification. There
were no impairment charges for the three and six-month periods ended June 30, 2004.(f)
    
    Partners Capital AccountsUpon dissolution, the assets of the Partnership will be sold and the proceeds thereof
distributed as follows: (i) all of the Partnerships debts and liabilities to persons other
than CCC or the limited partners shall be paid and discharged; (ii) all of the
Partnerships debts and liabilities to CCC and the limited partners shall be paid and
discharged; and (iii) the balance of such proceeds shall be distributed to CCC and the
limited partners in accordance with the positive balances of CCC and the limited partners
capital accounts. CCC shall contribute to the Partnership, if necessary, an amount equal
to the lesser of the deficit balance in its capital account at the time of such
liquidation, or 1.01% of the excess of the Limited Partners capital contribution to the
Partnership over the capital contributions previously made to the Partnership by CCC, after
giving effect to the allocation of income or loss arising from the liquidation of the
Partnerships assets.(g)
    
    Financial Statement PresentationThese financial statements have been prepared without audit pursuant to the rules and
regulations of the Securities and Exchange Commission. Certain information and footnote
disclosures normally included in financial statements prepared in accordance with
accounting principles generally accepted in the United States of America (GAAP) have been
condensed or omitted pursuant to such rules and regulations, although the Partnership
believes that the disclosures are adequate to make the information presented not
misleading. It is suggested that these financial statements be read in conjunction with
the financial statements and accompanying notes in the Partnerships December 31, 2004
Annual Report on Form 10-K.The interim financial statements presented herewith reflect in the opinion of
management, all adjustments of a normal recurring nature necessary to present fairly the results
for the interim periods presented. The results of operations for such interim periods are
not necessarily indicative of the results to be expected for the full year.
  9




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IEA INCOME FUND X, L.P.
 Notes to Unaudited Condensed Financial Statements
 (2)
    
    Net Lease Receivables Due from Leasing CompanyNet lease receivables due from the Leasing Company are determined by deducting direct
operating payables and accrued expenses, base management fees payable, and reimbursed
administrative expenses payable to CCC and its affiliates from the rental billings earned by
the Leasing Company under operating and sales-type leases to ocean carriers for the containers
owned by the Partnership as well as proceeds earned from container disposals. Net lease
receivables at June 30, 2005 and December 31, 2004 were as follows:
 June 30,
    
    December 31,2005
    
    2004Gross lease receivables
    
    $
    128,048
    
    
    $
    104,822Sales-type lease receivable, net of unearned
income
(see Note 3)
    
    
    
    
    
    
    112,539128,048
    
    
    
    217,361Less:Direct: operating payables and accrued expenses
    
    
    50,182
    
    
    
    55,245Base management fees payable
    
    
    6,748
    
    
    
    5,336Reimbursed administrative expenses
    
    
    1,752
    
    
    
    2,073Allowance for doubtful accounts
    
    
    19,634
    
    
    
    16,00378,316
    
    
    
    78,657Net lease receivables
    
    $
    49,732
    
    
    $
    138,704
 (3)
    
    Sales-Type Lease Receivable Held for SaleOn December 1, 2004, the Leasing Company, on behalf of the Partnership, amended a term
lease agreement with one lessee to include a bargain purchase option. As a result of the
amendment, the Partnership reclassified the term lease agreement as a sales-type lease,
recorded a sales-type lease receivable and recognized the sale of 632 on-hire containers that
were subject to the amended term lease agreement. The sales-type lease expires on March 31,
2006.At June 30, 2005, the minimum future lease rentals under this direct financing lease, net
of unearned income are:
 Gross Sales-Type
    
    Unearned Sales-
    
    Net Minimum FutureLease Receivable
    
    Type Lease Income
    
    Sales-Type Lease Rentals2005
    
    $
    44,730
    
    
    $
    1,470
    
    
    $
    43,2602006
    
    
    22,511
    
    
    
    225
    
    
    
    22,286Total
    
    $
    67,241
    
    
    $
    1,695
    
    
    $
    65,546
 At June 30, 2005, the sales-type lease receivable had been identified as held for sale, and
accordingly was reclassified from Net Lease Receivables Due from Leasing Company. The
Partnership evaluated the recoverability of the carrying value of the sales-type lease
receivable, now classified as held for sale, taking into consideration the sales price for the
Sales-Type Lease Containers reflected by the various bids received in response to the RFP.
Accordingly, there was no impairment charge to the carrying value of the sales-type lease
receivable for the three and six-month periods ended June 30, 2005.
 10




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IEA INCOME FUND X, L.P.
 Notes to Unaudited Condensed Financial Statements
 (4)
    
    Net Lease RevenueNet lease revenue is determined by deducting direct operating expenses, base management
fees and reimbursed administrative expenses to CCC from the rental revenue earned by the
Leasing Company under operating leases to ocean carriers for the containers owned by the
Partnership. Net lease revenue for the three and six-month periods ended June 30, 2005 and
2004 was as follows:
 Three Months Ended
    
    Six Months EndedJune 30,
    
    June 30,
    
    June 30,
    
    June 30,2005
    
    2004
    
    2005
    
    2004Rental revenue (note 5)
    
    $
    65,379
    
    
    $
    98,874
    
    
    $
    117,893
    
    
    $
    200,620Interest income from sales-type lease
    
    
    1,250
    
    
    
    
    
    
    
    2,860
    
    
    
    66,629
    
    
    
    98,874
    
    
    
    120,753
    
    
    
    200,620Less:Rental equipment operating expenses
    
    
    15,562
    
    
    
    13,444
    
    
    
    26,258
    
    
    
    29,702Base management fees
    
    
    5,767
    
    
    
    6,791
    
    
    
    11,129
    
    
    
    13,988Reimbursed administrative expensesSalaries
    
    
    4,043
    
    
    
    4,620
    
    
    
    8,088
    
    
    
    9,456Other payroll related expenses
    
    
    463
    
    
    
    520
    
    
    
    1,254
    
    
    
    950General and administrative
expenses
    
    
    965
    
    
    
    1,457
    
    
    
    2,018
    
    
    
    2,93726,800
    
    
    
    26,832
    
    
    
    48,747
    
    
    
    57,033Net lease revenue
    
    $
    39,829
    
    
    $
    72,042
    
    
    $
    72,006
    
    
    $
    143,587
 (5)
    
    Operating SegmentAn operating segment is a component of an enterprise that engages in business activities from
which it may earn revenues and incur expenses, whose operating results are regularly reviewed
by the enterprises chief operating decision maker to make decisions about resources to be
allocated to the segment and assess its performance, and about which separate financial
information is available. CCC and the Leasing Company operate the Partnerships container
fleet as a homogenous unit and have determined that as such it has a single reportable
operating segment.The Partnership derives its revenues from dry cargo containers used by its customers in global
trade routes. As of June 30, 2005, the Partnership operated 1,031 twenty-foot, 181 forty-foot
and 8 forty-foot high-cube marine dry cargo containers.Due to the Partnerships lack of information regarding the physical location of its fleet of
containers when on lease in the global shipping trade, the Partnership believes that it does
not possess discernible geographic reporting segments as defined in SFAS No. 131 (SFAS 131),
Disclosures about Segments of an Enterprise and Related Information.
 11




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IEA INCOME FUND X, L.P.
 Notes to Unaudited Condensed Financial Statements
 (6)
    
    Subsequent EventOn July 7, 2005, CCC distributed an RFP to various third parties for the purpose of soliciting
their interest in purchasing the Partnerships remaining Operating Containers and Sales-Type
Containers. On July 21, 2005, CCC selected two third-party bidders to commence their due
diligence of the Partnerships on-hire containers and their associated leases. Until a
definitive agreement for the sale of the Partnerships containers is entered into, neither the
Partnership nor the bidders will be obligated to sell or purchase the Partnerships remaining
containers. The Partnership is seeking to consummate the sale of its remaining containers by
August 31, 2005.Upon completion of the asset sales, the Partnership will enter the final phase of its
liquidation and wind-up stage of operations by disposing of its remaining off-hire container
fleet and focusing on the collection of its lease receivables and payment of its direct
operating expenses, management and incentive fees and reimbursed administrative expenses, all
of which are components of net lease receivables. The Partnership will thereafter undertake a
final distribution to its partners, then cancel the Certificate of Limited Partnership, thus
terminating and dissolving the Partnership. CCC will suspend the August 2005 cash distribution,
with the intention of making one or more liquidating distributions to the Limited Partners on
or before November 30, 2005.Additionally, since the sale of the Partnerships remaining containers appears imminent, the
General Partner is suspending all transfers of outstanding units at this time.
 12




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##### 



Managements Discussion and Analysis of Financial Condition and Results of Operations
   Market Overview
     13




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##### 



Results of Operations
  
    
    Activity-related expenses including agent and depot costs such as repairs,
maintenance and handling.
    
    Inventory-related expenses for off-hire containers, comprising storage and
repositioning costs. These costs are sensitive to the quantity of off-hire containers
as well as the frequency at which containers are re-delivered.
    
    Legal and other expenses including legal costs related to the recovery of containers
and doubtful accounts, insurance and provisions for doubtful accounts.
 14




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##### 



40-Foot20-Foot
    
    40-Foot
    
    High-CubeContainers on lease:Master lease
    
    
    265
    
    
    
    52
    
    
    
    6Term leaseShort term1
    
    
    141
    
    
    
    46
    
    
    
    1Long term2
    
    
    48
    
    
    
    11
    
    
    
    Sales-type lease
    
    
    537
    
    
    
    60
    
    
    
    Subtotal
    
    
    991
    
    
    
    169
    
    
    
    7Containers off lease
    
    
    40
    
    
    
    12
    
    
    
    1Total container fleet
    
    
    1,031
    
    
    
    181
    
    
    
    8
 40-Foot20-Foot
    
    40-Foot
    
    High-CubeUnits
    
    %
    
    Units
    
    %
    
    Units
    
    %Total purchases
    
    
    4,000
    
    
    
    100
    %
    
    
    1,150
    
    
    
    100
    %
    
    
    100
    
    
    
    100
    %Less disposals
    
    
    2,969
    
    
    
    74
    %
    
    
    969
    
    
    
    84
    %
    
    
    92
    
    
    
    92
    %Remaining fleet at
June 30, 2005
    
    
    1,031
    
    
    
    26
    %
    
    
    181
    
    
    
    16
    %
    
    
    8
    
    
    
    8
    %
 
 1.
    
    Short-term leases represent term leases that are either scheduled for renegotiation or
that may expire on or before June 30, 2006.2.
    
    Long-term leases represent term leases, the majority of which will expire between July
2006 and December 2008. Three Months Ended June 30, 2005 Compared to the Three Months Ended June 30, 2004
 Net lease revenue
 Three Months EndedJune 30,
    
    June 30,2005
    
    2004Average fleet size (measured in twenty-foot
equivalent units (TEU))
    
    
    1,454
    
    
    
    1,829Average utilization
    
    
    96
    %
    
    
    95
    %
  Depreciation expense
 Other general and administrative expenses
 15




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##### 



Net gain on disposal of equipment
 Six Months Ended June 30, 2005 Compared to the Six Months Ended June 30, 2004
 Net lease revenue
 Six Months EndedJune 30,
    
    June 30,2005
    
    2004Average fleet size (measured in twenty-foot
equivalent units (TEU))
    
    
    1,501
    
    
    
    1,878Average utilization
    
    
    96
    %
    
    
    93
    %
  Depreciation expense
 Other general and administrative expenses
 Net gain on disposal of equipment
 Liquidity and Capital Resources
  16




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##### 



Cash from Operating Activities
 Cash from Investing Activities
 Cash from Financing Activities
 17




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##### 



Critical Accounting Policies
  
    
    Container equipment  depreciable lives
    
    Container equipment  valuation
    
    Allowance for doubtful accounts
  Inflation
  
 Quantitative and Qualitative Disclosures About Market Risk
 Exchange rate risk:
 
 Controls and Procedures
   18




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##### 



PART II  OTHER INFORMATION
 
 Legal Proceedings
  
 Unregistered Sales of Equity Securities and Use of Proceeds
  
 Defaults Upon Senior Securities
  
 Submissions of Matters to a Vote of Securities Holders
  
 Other Information
  
 Exhibits
  ExhibitNo.
    
    Description
    
    Method of Filing3(a)
    
    Limited Partnership Agreement,
amended and restated as of November
7, 1989
    
    *3(b)
    
    Certificate of Limited Partnership
    
    **31.1
    
    Rule 13a-14 Certification
    
    Filed with this document31.2
    
    Rule 13a-14 Certification
    
    Filed with this document32
    
    Section 1350 Certification
    
    Filed with this document ***
 
 *
    
    Incorporated by reference to Exhibit A to the Prospectus of the Partnership dated November
7, 1989, included as part of Registration Statement on Form S-1 (No. 33-30245)**
    
    Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-1 (No.
33-30245)***
    
    This certification, required by Section 906 of the Sarbanes-Oxley Act of 2002, other than as
required by Section 906, is not to be deemed filed with the Commission or subject to the
rules and regulations promulgated by the Commission under the Securities Exchange Act of 1934,
as amended, or to the liabilities of Section 18 of said Act. 19




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SIGNATURES
  IEA INCOME FUND X, L.P.By
    
    Cronos Capital Corp.The General PartnerBy
    
    /s/ Dennis J. TietzDennis J. TietzPresident and Director of Cronos Capital Corp. (CCC)Principal Executive Officer of CCCBy
    
    /s/ John KallasJohn KallasChief Financial Officer andDirector of Cronos Capital Corp. (CCC)Principal Financial and Accounting Officer of CCC
  20




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EXHIBIT INDEX
 ExhibitNo.
    
    Description
    
    Method of Filing3(a)
    
    Limited Partnership Agreement,
amended and restated as of
November 7, 1989
    
    *3(b)
    
    Certificate of Limited Partnership
    
    **31.1
    
    Rule 13a-14 Certification
    
    Filed with this document31.2
    
    Rule 13a-14 Certification
    
    Filed with this document32
    
    Section 1350 Certification
    
    Filed with this document ***
 
 *
    
    Incorporated by reference to Exhibit A to the Prospectus of the Partnership dated November
7, 1989, included as part of Registration Statement on Form S-1 (No. 33-30245)**
    
    Incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-1 (No.
33-30245)***
    
    This certification, required by Section 906 of the Sarbanes-Oxley Act of 2002, other than as
required by Section 906, is not to be deemed filed with the Commission or subject to the
rules and regulations promulgated by the Commission under the Securities Exchange Act of 1934,
as amended, or to the liabilities of Section 18 of said Act. 21