SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C. 20549


                               FORM 10-K


             Annual Report Pursuant to Section 13 or 15(d)
                of the Securities Exchange Act of 1934



For the fiscal year
ended December 31, 1997                Commission file no. 0-12140



                    JMB INCOME PROPERTIES, LTD. - X
        ------------------------------------------------------
        (Exact name of registrant as specified in its charter)



         Illinois                         36-3235999
(State of organization)       (I.R.S. Employer Identification No.)


900 N. Michigan Ave., Chicago, Illinois       60611
(Address of principal executive office)    (Zip Code)


Registrant's telephone number, including area code 312-915-1987


Securities registered pursuant to Section 12 of the Act:

                                          Name of each exchange on
Title of each class                           which registered
-------------------                      -------------------------

        None                                      None


Securities registered pursuant to Section 12(g) of the Act:

                     LIMITED PARTNERSHIP INTERESTS
                           (Title of class)


Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.  Yes [ X ]  No [  ]

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 [ X ]

State the aggregate market value of the voting stock held by nonaffiliates
of the registrant.  Not applicable.

Documents incorporated by reference:  None



<PAGE>


                           TABLE OF CONTENTS



                                                         Page
                                                         ----
PART I

Item 1.      Business . . . . . . . . . . . . . . . . . .   1

Item 2.      Properties . . . . . . . . . . . . . . . . .   4

Item 3.      Legal Proceedings. . . . . . . . . . . . . .   6

Item 4.      Submission of Matters to a
             Vote of Security Holders . . . . . . . . . .   6


PART II

Item 5.      Market for the Partnership's Limited
             Partnership Interests and Related
             Security Holder Matters. . . . . . . . . . .   6

Item 6.      Selected Financial Data. . . . . . . . . . .   7

Item 7.      Management's Discussion and
             Analysis of Financial Condition and
             Results of Operations. . . . . . . . . . . .  12

Item 7A.     Quantitative and Qualitative
             Disclosures About Market Risk. . . . . . . .  16

Item 8.      Financial Statements and
             Supplementary Data . . . . . . . . . . . . .  17

Item 9.      Changes in and Disagreements
             with Accountants on Accounting and
             Financial Disclosure . . . . . . . . . . . .  52


PART III

Item 10.     Directors and Executive Officers
             of the Partnership . . . . . . . . . . . . .  52

Item 11.     Executive Compensation . . . . . . . . . . .  55

Item 12.     Security Ownership of Certain
             Beneficial Owners and Management . . . . . .  56

Item 13.     Certain Relationships and
             Related Transactions . . . . . . . . . . . .  57


PART IV

Item 14.     Exhibits, Financial Statement Schedules,
             and Reports on Form 8-K. . . . . . . . . . .  57


SIGNATURES  . . . . . . . . . . . . . . . . . . . . . . .  59








                                   i


<PAGE>


                                PART I

ITEM 1.  BUSINESS

     All references to "Notes" are to Notes to Consolidated Financial
Statements contained in this report.  Capitalized terms used herein, but
not defined, have the same meanings as used in the Notes.

     The registrant, JMB Income Properties, Ltd. - X (the "Partnership"),
is a limited partnership formed in 1983 and currently governed by the
Revised Uniform Limited Partnership Act of the State of Illinois to invest
in improved income-producing commercial and residential real property.  The
Partnership sold $150,000,000 in limited partnership interests (the
"Interests") commencing on June 29, 1983, pursuant to a Registration
Statement on Form S-11 under the Securities Act of 1933 (Registration No.
2-83599).  A total of 150,000 Interests were sold to the public at $1,000
per Interest.  The offering closed on November 1, 1983.  No Limited Partner
has made any additional capital contribution after such date.  The Limited
Partners of the Partnership share in their portion of the benefits of
ownership of the Partnership's real property investments according to the
number of Interests held.

     The Partnership is engaged solely in the business of the acquisition,
operation, and sale and disposition of equity real estate investments.
Such equity investments are held by fee title and/or through joint venture
interests.  The Partnership has one remaining real property investment
located in North Richland Hills, Texas.  A presentation of information
about industry segments, geographic regions, raw materials or seasonality
is not applicable and would not be material to an understanding of the
Partnership's business taken as a whole.  Pursuant to the Partnership
agreement, the Partnership is required to terminate no later than October
31, 2033.  The Partnership is self-liquidating in nature.  At sale of a
particular property, the net proceeds, if any, are generally distributed or
reinvested in existing properties rather than invested in acquiring
additional properties.  As discussed further in Item 7, the Partnership
currently expects to conduct an orderly liquidation of its remaining
investment property as quickly as practicable and to wind up its affairs
not later than December 31, 1999, barring any unforeseen economic
developments.

     The Partnership has made the real property investments set forth in
the following table:



<PAGE>


<TABLE>
<CAPTION>
                                                     SALE OR DISPOSITION
                                                       DATE OR IF OWNED
                                                     AT DECEMBER 31, 1997,
NAME, TYPE OF PROPERTY                     DATE OF     ORIGINAL INVESTED
    AND LOCATION                SIZE      PURCHASE  CAPITAL PERCENTAGE (a)       TYPE OF OWNERSHIP
----------------------       ----------   --------  ----------------------       ---------------------
<S>                         <C>          <C>       <C>                           <C>
1. Pylon Plaza,
    Phase I & II
    office building
    Boca Raton,
    Florida . . . . . .        49,400     10/12/83         Phase I               fee ownership of land and
                               sq.ft.                      8/9/90                improvements
                               n.r.a.                      Phase II
                                                           12/9/91
2. North Hills Mall
    shopping center
    North Richland
    Hills, Texas. . . .       221,000
                               sq.ft.     10/19/83           12%                 fee ownership of land and
                               g.l.a.                                            improvements (b)(e)(f)
3. Pasadena Town Square
    shopping center
    Pasadena, Texas . .       245,000
                               sq.ft.     10/19/83          10/3/95              fee ownership of land and
                               g.l.a.                                            improvements (g)
4. Collin Creek Mall
    shopping center
    Plano, Texas. . . .       332,000
                               sq.ft.     10/19/83         12/29/94              fee ownership of land and
                               g.l.a.                                            improvements
5. Animas Valley Mall
    shopping center
    Farmington,
    New Mexico. . . . .       460,000
                               sq.ft.     10/24/83          6/30/95              fee ownership of land and
                               g.l.a.                                            improvements (through joint
                                                                                 venture partnership) (d)
6. Royal Executive Park
    office complex
    Rye Brook,
    New York. . . . . .       270,000
                               sq.ft.     12/16/83         12/19/97              fee ownership of land and
                               n.r.a.                                            improvements (through joint
                                                                                 venture partnership) (c)(d)


<PAGE>


                                                     SALE OR DISPOSITION
                                                       DATE OR IF OWNED
                                                     AT DECEMBER 31, 1997,
NAME, TYPE OF PROPERTY                     DATE OF     ORIGINAL INVESTED
    AND LOCATION                SIZE      PURCHASE  CAPITAL PERCENTAGE (a)       TYPE OF OWNERSHIP
----------------------       ----------   --------  ----------------------       ---------------------

7. Towne Square Mall
    shopping center
    Owensboro,
    Kentucky. . . . . .       357,000
                               sq.ft.     03/01/84         08/13/87              fee ownership of land and
                               g.l.a.                                            improvements (through joint
                                                                                 venture partnership)
8. 40 Broad Street
    office building
    New York,
    New York. . . . . .       247,800
                               sq.ft.     12/31/85         12/30/97              fee ownership of land and
                               n.r.a.                                            improvements (through joint
                                                                                 venture partnership) (c)(d)

<FN>
-----------------------

  (a)The computation of this percentage for the property held at December 31, 1997 does not include amounts
invested from sources other than the original net proceeds of the public offering as described above and in Item
7.

  (b)Reference is made to the Notes and to Item 8 - Schedule III for the current outstanding principal balance
and a description of the long-term mortgage indebtedness secured by the Partnership's real property investment.

  (c)Reference is made to the Notes for a description of the joint venture partnership through which the
Partnership has made this real property investment.

  (d)Reference is made to the Notes for a description of the sale of this real property investment.

  (e)Reference is made to Item 8 - Schedule III filed with this annual report for further information concerning
real estate taxes and depreciation.

  (f)Reference is made to Item 6 - Selected Financial Data for additional operating and lease expiration data
concerning this investment property.

  (g)The lender realized upon its security and took title to the property in 1995.  Reference is made to the
Notes filed with this annual report.


</TABLE>


<PAGE>



     The Partnership's real property investment is subject to competition
from similar types of properties (including, properties owned by affiliates
of the General Partners) in the vicinity in which it is located.  Such
competition is generally for the retention of existing tenants.
Additionally, the Partnership is in competition for new tenants.  Reference
is made to Item 7 below for a discussion of competitive conditions and
future renovation and capital improvement plans of the Partnership and its
investment property.  Approximate occupancy levels for the properties are
set forth in the table in Item 2 below to which reference is hereby made.
The Partnership maintains the suitability and competitiveness of its
property in its market primarily on the basis of effective rents, tenant
allowances and service provided to tenants.  In the opinion of the Managing
General Partner of the Partnership, the one investment property held at
December 31, 1997 is adequately insured.

     Reference is made to the Notes for a schedule of minimum lease
payments to be received in each of the next five years, and in the
aggregate thereafter, under leases in effect at the Partnership's property
as of December 31, 1997.

     The Partnership has no employees other than personnel performing on-
site duties at certain of the Partnership's properties, none of whom are
officers or directors of the Managing General Partner of the Partnership.

     The terms of transactions between the Partnership, the General
Partners and their affiliates are set forth in Item 11 below to which
reference is hereby made for a description of such terms and transactions.

     On December 19, 1997, the Partnership, through its joint venture, sold
the Royal Executive Park I office complex located in Rye Brook, New York.
Reference is made to the Notes for a further description of such
transaction.

     On December 30, 1997, the Partnership, through its joint venture, sold
the 40 Broad Street office building located in New York, New York.
Reference is made to the Notes for a further description of such
transaction.



ITEM 2.  PROPERTIES

     The Partnership owns or owned directly or through joint venture
partnerships the properties or interests in the properties referred to
under Item 1 above to which reference is hereby made for a description of
said properties.

     The following is a listing of principal businesses or occupations
carried on in and approximate occupancy levels by quarter during fiscal
years 1997 and 1996 for the Partnership's investment properties owned
during 1997:



<PAGE>


<TABLE>
<CAPTION>
                                                             1996                      1997
                                                   ------------------------- -------------------------
                               Principal             At    At     At     At    At     At    At     At
                               Business             3/31  6/30   9/30  12/31  3/31   6/30  9/30  12/31
                               -------------        ----  ----   ----  -----  ----   ---- -----  -----
<S>                            <C>                 <C>   <C>    <C>   <C>    <C>    <C>  <C>    <C>
1. North Hills Mall
    North Richland Hills,
    Texas (a) . . . . . . . .  Retail                86%   88%    86%    88%   84%    82%   81%    78%

2. Royal Executive Park
    Rye Brook, New York . . .  Telecommuni-
                               cations               81%   81%    84%    84%   81%    83%   93%    N/A

3. 40 Broad Street
    New York, New York. . . .  Financial
                               Services              75%   78%    81%    74%   82%    90%   88%    N/A
<FN>
--------------------

     Reference is made to Item 6, Item 7 and the Notes for further information regarding property occupancy,
competitive conditions and tenant leases at the Partnership's investment properties.

     An "N/A" indicates that the Partnership's interest in the property was sold and was not owned by the
Partnership at the end of the quarter.

     (a)  The percentage represents physical occupancy which includes temporary tenants.  Occupancy without
temporary tenants is 74% at March 31, 1996, 75% at June 30, 1996, 72% at September 30, 1996 and 73% at December
31, 1996, 68% at March 31, 1997, 69% at June 30, 1997, 67% at September 30, 1997 and 67% at December 31, 1997.




</TABLE>


<PAGE>


ITEM 3.  LEGAL PROCEEDINGS

     The Partnership is not subject to any material pending legal
proceedings.



ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     There were no matters submitted to a vote of holders during fiscal
years 1996 or 1997.




                                PART II


ITEM 5.  MARKET FOR THE PARTNERSHIP'S LIMITED PARTNERSHIP INTERESTS
         AND RELATED SECURITY HOLDER MATTERS

     As of December 31, 1997, there were 13,718 record holders of Interests
of the Partnership.  There is no public market for Interests and it is not
anticipated that a public market for Interests will develop.  Upon request,
the Managing General Partner may provide information relating to a
prospective transfer of Interests to an investor desiring to transfer his
Interests.  The price to be paid for the Interests, as well as any other
economic aspects of the transaction, will be subject to negotiation by the
investor.  There are certain conditions and restrictions on the transfer of
Interests, including, among other things, the requirement that the
substitution of a transferee of Interests as a Limited Partner of the
Partnership be subject to the written consent of the Managing General
Partner, which, may be granted or withheld in its sole and absolute
discretion.  The rights of a transferee of Interests who does not become a
substituted Limited Partner will be limited to the rights to receive his
share of profits or losses and cash distributions from the Partnership, and
such transferee will not be entitled to vote such Interests or have other
rights of a Limited Partner.  No transfer will be effective until the first
day of the next succeeding calendar quarter after the requisite transfer
form satisfactory to the Managing General Partner has been received by the
Managing General Partner.  The transferee consequently will not be entitled
to receive any cash distributions or any allocable share of profits or
losses for tax purposes until such next succeeding calendar quarter.
Profits or losses from operations of the Partnership for a calendar year in
which a transfer occurs will be allocated between the transferor and the
transferee based upon the number of quarterly periods in which each was
recognized as the holder of the Interests, without regard to the results of
the Partnership's operations during particular quarterly periods and
without regard to whether cash distributions were made to the transferor or
transferee.  Profits or losses arising from the sale or other disposition
of Partnership properties will be allocated to the recognized holder of the
Interests as of the last day of the quarter in which the Partnership
recognized such profits or losses.  Cash distributions to a holder of
Interests arising from the sale or other disposition of Partnership
properties will be distributed to the recognized holder of the Interests as
of the last day of the quarterly period with respect to which such
distribution is made.

     Reference is made to Item 6 below for a discussion of cash
distributions made to the Limited Partners.

    Reference is made to Item 7 for a discussion of unsolicited tender
offers received from unaffiliated third parties.



<PAGE>


<TABLE>
ITEM 6.  SELECTED FINANCIAL DATA
                                       JMB INCOME PROPERTIES, LTD. - X
                                           (A LIMITED PARTNERSHIP)
                                          AND CONSOLIDATED VENTURE

                          YEARS ENDED DECEMBER 31, 1997, 1996, 1995, 1994 and 1993
                                (NOT COVERED BY INDEPENDENT AUDITORS' REPORT)

<CAPTION>
                               1997           1996          1995         1994          1993
                           -----------    -----------   -----------  ------------  ------------
<S>                      <C>             <C>          <C>           <C>           <C>
Total income. . . . . . .  $  6,794,437     7,464,271    15,186,857    29,251,376    31,189,187
                           ============   ===========   ===========   ===========   ===========
Earnings (loss) before
 gains on sale or
 disposition of
 investment properties
 and extraordinary items.  $  3,240,011    (3,514,561)   (7,313,908)   (6,055,842)    4,595,704
Partnership's share of
 gain on sale of invest-
 ment properties of uncon-
 solidated ventures . . .    13,684,709         --            --            --            --
Gains on sale of interest
  in unconsolidated
  venture and disposi-
  tion of investment
  properties. . . . . . .         --           50,826     3,832,429    64,571,942       150,443
Extraordinary items . . .         --            --        3,934,532         --            --
                           ------------   -----------   -----------   -----------   -----------
Net earnings (loss) . . .  $ 16,924,720    (3,463,735)      453,053    58,516,100     4,746,147
                           ============   ===========   ===========   ===========   ===========


<PAGE>


                                       JMB INCOME PROPERTIES, LTD. - X
                                           (A LIMITED PARTNERSHIP)
                                          AND CONSOLIDATED VENTURE

                          YEARS ENDED DECEMBER 31, 1997, 1996, 1995, 1994 and 1993
                                (NOT COVERED BY INDEPENDENT AUDITORS' REPORT)

<CAPTION>
                               1997           1996          1995         1994          1993
                           -----------    -----------   -----------  ------------  ------------

Net earnings (loss)
 per Interest (b):
  Earnings (loss)
   before gains on sale
   or disposition of
   investment properties
   and extraordinary
   items  . . . . . . . .  $      20.74        (22.49)      (46.81)        (38.76)        29.41
  Partnership's share of
    gain on sale of invest-
    ment properties of un-
    consolidated ventures         90.32         --            --            --            --
  Gains on sale of interest
    in unconsolidated
    venture and disposi-
    tion of investment
    properties. . . . . .         --              .34         25.29        426.16           .99
  Extraordinary items . .         --            --            25.97         --            --
                           ------------   -----------   -----------   -----------   -----------
Net earnings (loss) . . .  $     111.06        (22.15)         4.45        387.40         30.40
                           ============   ===========   ===========   ===========   ===========
Total assets. . . . . . .  $ 65,062,906    50,071,138    56,832,712   170,327,264   140,905,552
Long-term debt. . . . . .  $  7,624,586     7,762,151     7,890,281         --       46,800,991
Cash distributions
  per Interest (c). . . .  $      12.00         16.00        466.00         16.00         22.00
                           ============   ===========   ===========   ===========   ===========


<PAGE>


<FN>
-------------

  (a)   The above selected financial data should be read in conjunction
with the consolidated financial statements and the related notes appearing
elsewhere in this annual report.

  (b)   The net earnings (loss) per Interest is based upon the number of
Interests outstanding at the end of each period (150,005).

  (c)   Cash distributions from the Partnership are generally not equal to
Partnership income (loss) for financial reporting or Federal income tax
purposes.  Each Partner's taxable income (or loss) from the Partnership in
each year is equal to his allocable share of the taxable income (loss) of
the Partnership, without regard to the cash generated or distributed by the
Partnership.  Accordingly, cash distributions to the Limited Partners since
the inception of the Partnership have not resulted in taxable income to
such Limited Partners and have therefore represented a return of capital.


</TABLE>


<PAGE>


<TABLE>

SIGNIFICANT PROPERTY - SELECTED RENTAL AND OPERATING DATA AS OF DECEMBER 31, 1997

<CAPTION>
Property
--------

North Hills
Mall               a)   The gross leasable area ("GLA") occupancy rate and average base rent per square foot as
of December 31 for each of the last five years were as follows:

                                                    GLA             Avg. Base Rent Per
                         December 31,          Occupancy Rate       Square Foot (1)
                         ------------          --------------       ------------------
<S>                <C>   <C>                   <C>                  <C>

                               1993 . . . . .       99%                $15.57
                               1994 . . . . .       95%                 15.94
                               1995 . . . . .       92%                 15.27
                               1996 . . . . .       88%                 15.07
                               1997 . . . . .       78%                 15.06
<FN>
                   (1) Average base rent per square foot is based on GLA occupied as of December 31
                       of each year.
</TABLE>
<TABLE>
<CAPTION>
                                                                Base Rent  Scheduled Lease Lease
                   b)     Significant Tenants      Square Feet  Per Annum  Expiration Date Renewal Option(s)
                          -------------------      -----------  ---------  --------------- -----------------
<S>                <C>    <C>                      <C>          <C>        <C>             <C>

                          General Cinema           28,472       $347,000   6/2005          N/A
                          (Movie Theatre)

                          No other tenants comprise
                          more than 10% of the
                          GLA at the property.

</TABLE>


<PAGE>


<TABLE>
<CAPTION>
                   c)     The following table sets forth certain information with respect to the expiration of
leases for the next ten years at the North Hills Mall:

                                                                            Annualized        Percent of
                                           Number of         Approx. Total  Base Rent         Total 1997
                          Year Ending      Expiring         GLA of Expiring of Expiring       Base Rent
                          December 31,     Leases               Leases (1)  Leases            Expiring
                          ------------     ---------        --------------- -----------       ----------
<S>                <C>    <C>              <C>              <C>             <C>               <C>
                             1998               5                7,453         167,000               6%
                             1999               7               11,671         229,261               9%
                             2000               3                7,098         163,000               6%
                             2001               4               10,048         155,970               6%
                             2002               4                7,099         164,910               6%
                             2003               5               10,453         154,558               6%
                             2004               4               17,485         252,331              10%
                             2005               7               45,827         774,008              30%
                             2006               2                2,764          89,500               3%
                             2007               1                  422          24,358               1%


(1)  Excludes leases that expire in 1998 for which renewal leases or leases with replacement tenants have been
executed as of January 9, 1998.

</TABLE>


<PAGE>


ITEM 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
         AND RESULTS OF OPERATIONS

     LIQUIDITY AND CAPITAL RESOURCES

     As a result of the public offering of interests as described in
Item 1, the Partnership had approximately $135,651,000 after deducting
selling expenses and other offering costs with which to make investments in
income-producing commercial and residential real property, to pay legal
fees and other costs (including acquisition fees) related to such
investments and for working capital.  A portion of such proceeds was
utilized to acquire the properties described in Item 1 above.

     During 1996, 1997 and early 1998, some of the Limited Partners in the
Partnership received unsolicited tender offers from unaffiliated third
parties to purchase up to 4.9% of the Interests in the Partnership at
prices ranging from $150 to $225 per Interest.  The Partnership recommended
against acceptance of these offers on the basis that, among other things,
the offer prices were inadequate.  All of such offers have expired.  As of
the date of this report, the Partnership is aware that approximately 5.34%
of the Interests in the Partnership have been purchased by such
unaffiliated third parties either pursuant to such tender offers or through
negotiated purchases.  It is possible that other offers for Interests may
be made by unaffiliated third parties in the future, although there is no
assurance that any other third party will commence an offer for Interests,
the terms of any such offer or whether any such offer, if made, will be
consummated, amended or withdrawn.  The board of directors of JMB Realty
Corporation ("JMB") the Managing General Partner of the Partnership, has
established a special committee (the "Special Committee") consisting of
certain directors of JMB to deal with all matters relating to tender offers
for Interests in the Partnership, including any and all responses to such
tender offer.  The Special Committee has retained independent counsel to
advise it in connection with any potential tender offers for Interests and
has retained Lehman Brothers Inc. as financial advisor to assist the
Special Committee in evaluating and responding to any additional potential
tender offers for Interests.

     At December 31, 1997, the Partnership had cash and cash equivalents of
approximately $39,301,000.  In addition, in January, 1998 approximately
$10,424,000 was received by the Partnership representing its share of the
proceeds of the December 1997 sale of the 40 Broad Street office building
as discussed below and in the Notes.  Such funds are available for
distributions to partners, including those paid in February 1998 as
discussed below, and for working capital requirements including tenant and
capital improvements, to the extent not funded from future operations, for
potential limited liability related to representations made pursuant to
sales of real estate investments in December, 1997 as more fully described
in the Notes, and to pay for the costs of a potential redevelopment of the
North Hills Mall, as discussed below.  The Partnership has currently
budgeted in 1998 approximately $99,000 for tenant improvements and other
capital expenditures, exclusive of costs related to the potential
redevelopment of North Hills Mall.  Actual amounts expended in 1998 may
vary depending on a number of factors including actual leasing activity,
results of property operations, liquidity considerations and other market
conditions over the course of the year.  The source of capital for such
items and for both short-term and long-term future liquidity and
distributions is expected to be through existing working capital, net cash
generated by the Partnership's investment property and through the sale of
such investment.  As more fully described in the Notes, the Partnership
sold Royal Executive Park I and 40 Broad Street office buildings in
December 1997.  The Partnership's mortgage obligation for North Hills Mall
is a separate non-recourse loan secured individually by the property and
the Partnership is not personally liable for the payment of the mortgage
indebtedness.



<PAGE>


     Currently, as more fully discussed below, the Partnership continues to
consider alternatives for the redevelopment of the North Hills Mall which,
if undertaken, may require the Partnership to commit a substantial amount
of capital.  Any decision to commit additional amounts to this investment
property for any purpose will be based on, among other things, the
likelihood of the return of such additional investment plus a reasonable
profit thereon within the expected holding period of this asset as
discussed below.  Commencing in 1996, in an effort to reduce partnership
operating expenses, the Partnership elected to make semi-annual, rather
than quarterly, distributions of available operating cash flow in May and
November of each year.  In May and November 1997, the Partnership paid an
operating distribution of $900,030 ($6 per Interest) to the Limited
Partners.  In February 1998, the Partnership made a distribution of sale
proceeds related to the sale of Royal Executive Park I and 40 Broad Street
office buildings of $28,500,950 ($190 per Interest) to the Limited
Partners.  Future distributions from sales or property operations will
depend upon a combination of operating cash flow from the remaining
investment property and the longer term capital requirements of the
Partnership.

     40 BROAD STREET

     On December 30, 1997, the Partnership, through the 40 Broad Street
joint venture, sold the land and related improvements of the 40 Broad
Street office building for $34,735,000.  Reference is made to the Notes for
a further description of such transaction.  The proceeds from the sale were
approximately $33,155,000, of which the Partnership's share was
approximately $10,424,000.  Such amount was distributed to the Partnership
in January 1998.

     NORTH HILLS MALL

     Occupancy of the center at the end of the year was 78%.  Included in
this occupancy are temporary tenants that occupy approximately 11% of the
center's leasable square footage.  The Partnership has been seeking a
replacement anchor department store for the existing Stripling & Cox store.

Based upon discussions with most major department store owners and given
the market and property operating conditions discussed more fully below, it
does not appear that the Partnership will be able to attract a traditional
department store anchor to the center in the near term.

     North Hills Mall's major competition, Northeast Mall (located within a
mile from the center), has announced that it would be undertaking a major
redevelopment which would increase its mall space as well as add up to two
new anchor department stores.  Completion is expected sometime in 1999.
Nordstrom's department store has committed to be one of those anchor
stores.  Northeast Mall already has four anchor department store tenants.

     In addition to the increased competition from Northeast Mall, over the
last several years a significant number of strip center developments have
been opened within a close proximity to the center.  Many of these centers
include large retail "Big Box" tenants that have adversely affected the
center's tenant sales.

     North Hills Mall has three anchor department stores, none of which are
owned by the Partnership.  The operating agreements which require these
stores to remain open expire in 1999 and 2000.  There is no certainty that
any of these stores will continue operations beyond the operating agreement
expiration dates.



<PAGE>


     The effect of all these conditions is that mall sales have decreased
in recent years and the manager has had difficulty retaining and attracting
typical national or regional tenants.  As indicated above, while the
occupancy of the center is 78%, only 67% is occupied by permanent tenants.
The center's operating cash flow has been and will continue to be reduced
due to increased vacancy and lower effective rental rates achieved on
releasing vacant space.  If the Foley's store were to close in 1999 without
some form of replacement, it would be very difficult to lease space in the
center.

     The Partnership continues to consider alternatives for the
redevelopment of the property to co-exist with the increased competition.
The goal is to develop a plan which will stabilize the center and allow the
Partnership to preserve as much value as possible.

     While any redevelopment plan is likely to involve substantial costs,
the Partnership will not make additional investments in the property for a
redevelopment unless it believes that the incremental investment will be
returned with a reasonable profit thereon.  There are no assurances that,
even if the Partnership desired to do so, a redevelopment or sale of the
property would occur.  In the meantime, the center produces sufficient
operating cash flow to cover the required debt service and provide the
Partnership with a cash return.

     ROYAL EXECUTIVE PARK

     On December 19, 1997, the Partnership, through the Royal Executive
Park I joint venture, sold the land and related improvements of the Royal
Executive Park I office complex for $37,000,000.  Reference is made to the
Notes for a further description of such transaction.  The proceeds from the
sale were approximately $36,431,000, of which the Partnership's share was
approximately $18,179,000 and which was distributed to the Partnership in
December 1997.  In addition, approximately $2,369,000 of remaining
operating cash at the property was distributed to the venture partners in
January 1998, of which the Partnership's share was approximately
$1,182,000.

     GENERAL

     The Partnership continues to conserve its working capital.  All
expenditures are carefully analyzed and certain capital projects are
deferred when appropriate.  By conserving working capital, the Partnership
will be in a better position to meet the future needs of its remaining
investment property.  The Partnership has decided to retain a portion of
the net sale proceeds from sales in recent years.  These funds will be
available, if necessary or deemed appropriate by the General Partners, for
the programs to enhance the Partnership's property as discussed above.  Due
to the factors outlined above, the Partnership has held certain of its
investment properties longer than originally anticipated in an effort to
maximize the return to the Limited Partners.  Nonetheless, the affairs of
the Partnership are expected to be wound up no later than December 31,
1999, barring unforeseen economic developments.

     RESULTS OF OPERATIONS

     The decrease in the Partnership's investment in unconsolidated
ventures at December 31, 1997 as compared to December 31, 1996 is primarily
due to the sale in 1997 of the Royal Executive Park and 40 Broad Street
investment properties.  The balance at December 31, 1997 consists primarily
of undistributed sale proceeds relating to the sale of the 40 Broad Street
investment property, which were distributed to the venture partners in
January 1998.

     The decrease in accrued real estate taxes at December 31, 1997 as
compared to December 31, 1996 is primarily due to a reduced real estate tax
assessment in 1997 at the North Hills Mall investment property.


<PAGE>


     The decrease in rental income and property operating expenses for the
year ended December 31, 1997 as compared to the year ended December 31,
1996 is primarily due to lower tenant occupancies in 1997 at the North
Hills Mall investment property.  The decrease in rental income, mortgage
and other interest, depreciation and property operating expenses for the
year ended December 31, 1996 as compared to the year ended December 31,
1995 is primarily due to the sale of Animas Valley Mall and a related land
outparcel in June 1995 and the transfer of title to the lender of the
Pasadena Town Square investment property in October 1995.

     The decrease in interest income for the year ended December 31, 1996
as compared to the year ended December 31, 1995 is primarily due to the
increase in the average balance in U.S. Government obligations in December
1994 due to the approximate $84 million of net sale proceeds from the sale
of Collin Creek Mall and the subsequent reduction in the average balance of
U.S. Government obligations through the distribution of $68.1 million of
those sales proceeds in February 1995.

     The decrease in depreciation expense for the year ended December 31,
1997 as compared to the year ended December 31, 1996 is primarily due to
the North Hills Mall investment property being identified as held for sale
or disposition as of September 30, 1997 and, therefore, no longer subject
to depreciation beyond such date.

     The increase in general and administrative expenses for the year ended
December 31, 1997 as compared to the year ended December 31, 1996 is
attributable primarily to an increase in reimbursable costs to affiliates
of the General Partners in 1997 and an increase in administrative costs
incurred in 1997 in connection with tender offer matters as discussed
above.  The decrease in general and administrative expenses for the year
ended December 31, 1996 as compared to the year ended December 31, 1995 is
attributable primarily to an increase in reimbursable costs to affiliates
of the General Partners in 1995 and the recognition of certain additional
prior year reimbursable costs to such affiliates.

     The provision for value impairment of $5,700,000 for the year ended
December 31, 1996 is due to the reduction of the net carrying value of the
North Hills Mall investment property as of December 31, 1996.  The
provision for value impairment of $9,300,000 for the year ended
December 31, 1995 is due to the Partnership reduction of the net carrying
value of its investment in the Royal Executive Park venture as of
September 30, 1995.

     The increase in Partnership's share of operations of unconsolidated
ventures for the year ended December 31, 1997 as compared to the years
ended December 31, 1996 and 1995 is primarily due to the Royal Executive
Park investment property being identified as held for sale or disposition
as of December 31, 1996, and the 40 Broad Street investment property being
identified as held for sale or disposition as of July 1, 1997, and
therefore, no longer subject to depreciation beyond such dates.  In
addition, the increase is due to higher tenant occupancies in 1997 at the
Royal Executive Park and 40 Broad Street investment properties.

     The decrease in Partnership's share of operations of unconsolidated
ventures for the year ended December 31, 1996 as compared to the year ended
December 31, 1995 for the Royal Executive Park venture is primarily due to
the Partnership's share of the $250,000 in estimated costs for
environmental clean-up of contaminated ground near the property's fuel oil
tanks and lower net effective rents earned upon renewal of leases at the 40
Broad Street investment property during 1996.  This was partially offset by
the discontinuation of amortization of the original excess of the
Partnership's basis over its proportionate share of assets of the Royal
Executive Park venture in September 1995.  The Partnership ceased such
amortization when a provision for value impairment of $9.3 million for such
investment was recorded in September 1995.


<PAGE>


     The Partnership's share of gain on sale of investment properties of
unconsolidated ventures of $13,684,709 during 1997 is the result of the
sale of the Royal Executive Park and 40 Broad Street office buildings in
December 1997.  The gain of $50,826 on sale of investment properties during
1996 is the result of the sale of the Partnership's remaining unencumbered
land outparcel at Pasadena Town Square in October 1996.  The gain of
$3,832,429 on sale of investment properties during 1995 is the result of
the sale of the Animas Valley Mall and a related land outparcel in June
1995.

     The extraordinary items of $3,934,532 for the year ended December 31,
1995 are due to the discharge of indebtedness of $2,219,608 and $1,714,924
at both the Animas Valley Mall and Pasadena Town Square investment
properties in 1995, respectively.

     INFLATION

     Due to the decrease in the level of inflation in recent years,
inflation generally has not had a material effect on rental income or
property operating expenses.

     Inflation is not expected to significantly impact future operations
due to the expected liquidation of the Partnership by 1999.  However, to
the extent that inflation in future periods would have an adverse impact on
property operating expenses, the effect would generally be offset by
amounts recovered from tenants as many of the long-term leases at the
Partnership's remaining commercial property have escalation clauses
covering increases in the cost of operating and maintaining the property as
well as real estate taxes.  Therefore, there should be little effect on
operating earnings if the properties remain substantially occupied.  In
addition, substantially all of the leases at the Partnership's remaining
investment contain provisions which entitle the Partnership to participate
in gross receipts of tenants above fixed minimum amounts.



ITEM 7A.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

     Not applicable.



<PAGE>


ITEM 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA


                    JMB INCOME PROPERTIES, LTD. - X
                        (A LIMITED PARTNERSHIP)
                       AND CONSOLIDATED VENTURE

                                 INDEX


Independent Auditors' Report
Consolidated Balance Sheets, December 31, 1997 and 1996
Consolidated Statements of Operations, years ended December 31,
  1997, 1996 and 1995
Consolidated Statements of Partners' Capital Accounts,
  years ended December 31, 1997, 1996 and 1995
Consolidated Statements of Cash Flows, years ended December 31,
  1997, 1996 and 1995
Notes to Consolidated Financial Statements

                                                          SCHEDULE
                                                          --------

Consolidated Real Estate and Accumulated Depreciation        III

SCHEDULES NOT FILED:

     All schedules other than the one indicated in the index have been
omitted as the required information is inapplicable or the information is
presented in the consolidated financial statements or related notes.




                        ROYAL EXECUTIVE PARK I
                        (A GENERAL PARTNERSHIP)

                                 INDEX

Independent Auditors' Report
Balance Sheets, December 31, 1997 and 1996
Statements of Operations, years ended December 31,
  1997, 1996 and 1995
Statements of Partners' Capital Accounts,
  years ended December 31, 1997, 1996 and 1995
Statements of Cash Flows, years ended December 31,
  1997, 1996 and 1995
Notes to Financial Statements


SCHEDULES NOT FILED:

     All schedules have been omitted as the required information is
inapplicable or the information is presented in the financial statements or
related notes.





<PAGE>









                     INDEPENDENT AUDITORS' REPORT


The Partners
JMB INCOME PROPERTIES, LTD. - X:

     We have audited the consolidated financial statements of JMB Income
Properties, Ltd. - X (a limited partnership) and consolidated venture as
listed in the accompanying index.  In connection with our audits of the
consolidated financial statements, we also have audited the financial
statement schedule as listed in the accompanying index.  These consolidated
financial statements and financial statement schedule are the
responsibility of the General Partners of the Partnership.  Our
responsibility is to express an opinion on these consolidated financial
statements and financial statement schedule based on our audits.

     We conducted our audits in accordance with generally accepted auditing
standards.  Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement.  An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements.  An audit also includes assessing the accounting principles
used and significant estimates made by the General Partners of the
Partnership 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
JMB Income Properties, Ltd. - X and consolidated venture as of December 31,
1997 and 1996, and the results of their operations and their cash flows for
each of the years in the three-year period ended December 31, 1997, in
conformity with generally accepted accounting principles.  Also in our
opinion, the related financial statement schedule, when considered in
relation to the basic consolidated financial statements taken as a whole,
presents fairly, in all material respects, the information set forth
therein.

     As discussed in the Notes to the consolidated financial statements, in
1996 the Partnership and its consolidated venture changed its method of
accounting for long-lived assets and long-lived assets to be disposed of to
conform with Statement of Financial Accounting Standards No. 121.








                                           KPMG PEAT MARWICK LLP


Chicago, Illinois
March 25, 1998



<PAGE>


<TABLE>
                                       JMB INCOME PROPERTIES, LTD. - X
                                           (A LIMITED PARTNERSHIP)
                                          AND CONSOLIDATED VENTURE

                                         CONSOLIDATED BALANCE SHEETS
                                         DECEMBER 31, 1997 AND 1996

                                                   ASSETS
                                                   ------
<CAPTION>
                                                                            1997              1996
                                                                        ------------      -----------
<S>                                                                    <C>               <C>
Current assets:
  Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . .   $ 39,301,294       21,269,359
  Rents and other receivables, net of allowance for doubtful
    accounts of $100,112 in 1997 and $68,817 in 1996. . . . . . . . .        284,974          300,707
  Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . . .         30,426           31,563
  Escrow deposits . . . . . . . . . . . . . . . . . . . . . . . . . .        761,465          721,351
                                                                        ------------      -----------

          Total current assets. . . . . . . . . . . . . . . . . . . .     40,378,159       22,322,980
                                                                        ------------      -----------

Investment property - Schedule III:
  Land. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .          --           1,839,688
  Buildings and improvements. . . . . . . . . . . . . . . . . . . . .          --          19,314,167
                                                                        ------------      -----------

                                                                               --          21,153,855
  Less accumulated depreciation . . . . . . . . . . . . . . . . . . .          --           8,438,692
                                                                        ------------      -----------

          Total investment property, net of accumulated depreciation.          --          12,715,163

Investment property held for sale or disposition. . . . . . . . . . .     12,177,898            --
                                                                        ------------      -----------

          Total investment property . . . . . . . . . . . . . . . . .     12,177,898       12,715,163
                                                                        ------------      -----------

Investments in unconsolidated ventures, at equity . . . . . . . . . .     12,069,269       14,515,288
Deferred expenses . . . . . . . . . . . . . . . . . . . . . . . . . .        149,847          198,140
Accrued rents receivable. . . . . . . . . . . . . . . . . . . . . . .        287,733          319,567
                                                                        ------------      -----------

                                                                        $ 65,062,906       50,071,138
                                                                        ============      ===========



<PAGE>


                                       JMB INCOME PROPERTIES, LTD. - X
                                           (A LIMITED PARTNERSHIP)
                                          AND CONSOLIDATED VENTURE

                                   CONSOLIDATED BALANCE SHEETS - CONTINUED


                                 LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS
                                 ------------------------------------------

                                                                            1997              1996
                                                                        ------------      -----------
Current liabilities:
  Current portion of long-term debt . . . . . . . . . . . . . . . . .    $   137,564          128,130
  Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . .        350,052          286,682
  Accrued interest. . . . . . . . . . . . . . . . . . . . . . . . . .         46,088           46,849
  Accrued real estate taxes . . . . . . . . . . . . . . . . . . . . .        519,413          588,333
                                                                        ------------      -----------
          Total current liabilities . . . . . . . . . . . . . . . . .      1,053,117        1,049,994
Tenant security deposits. . . . . . . . . . . . . . . . . . . . . . .         14,800           13,250

Long-term debt, less current portion. . . . . . . . . . . . . . . . .      7,624,586        7,762,151
                                                                        ------------      -----------
Commitments and contingencies

          Total liabilities . . . . . . . . . . . . . . . . . . . . .      8,692,503        8,825,395
                                                                        ------------      -----------
Partners' capital accounts:
  General partners:
      Capital contributions . . . . . . . . . . . . . . . . . . . . .          1,000            1,000
      Cumulative net earnings . . . . . . . . . . . . . . . . . . . .      1,278,637        1,012,189
      Cumulative cash distributions . . . . . . . . . . . . . . . . .       (250,000)        (250,000)
                                                                        ------------      -----------
                                                                           1,029,637          763,189
                                                                        ------------      -----------
  Limited partners (150,005 interests):
      Capital contributions, net of offering costs. . . . . . . . . .    135,651,080      135,651,080
      Cumulative net earnings . . . . . . . . . . . . . . . . . . . .     87,877,386       71,219,114
      Cumulative cash distributions . . . . . . . . . . . . . . . . .   (168,187,700)    (166,387,640)
                                                                        ------------      -----------
                                                                          55,340,766       40,482,554
                                                                        ------------      -----------
          Total partners' capital accounts. . . . . . . . . . . . . .     56,370,403       41,245,743
                                                                        ------------      -----------

                                                                        $ 65,062,906       50,071,138
                                                                        ============      ===========

<FN>
                        See accompanying notes to consolidated financial statements.
</TABLE>


<PAGE>


<TABLE>
                                       JMB INCOME PROPERTIES, LTD. - X
                                           (A LIMITED PARTNERSHIP)
                                          AND CONSOLIDATED VENTURE

                                    CONSOLIDATED STATEMENTS OF OPERATIONS

                                YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995


<CAPTION>
                                                           1997             1996            1995
                                                       ------------     ------------    ------------
<S>                                                   <C>              <C>             <C>
Income:
  Rental income . . . . . . . . . . . . . . . . . .     $ 5,709,682        6,430,478      13,190,501
  Interest income . . . . . . . . . . . . . . . . .       1,084,755        1,033,793       1,996,356
                                                        -----------      -----------     -----------
                                                          6,794,437        7,464,271      15,186,857
                                                        -----------      -----------     -----------
Expenses:
  Mortgage and other interest . . . . . . . . . . .         557,291          566,130       4,074,322
  Depreciation. . . . . . . . . . . . . . . . . . .         602,937          793,548       1,690,411
  Property operating expenses . . . . . . . . . . .       3,640,879        3,881,155       7,360,538
  Professional services . . . . . . . . . . . . . .         176,831          222,333         270,316
  Amortization of deferred expenses . . . . . . . .          48,758           55,994          48,422
  General and administrative. . . . . . . . . . . .         461,020          342,253         517,989
  Provisions for value impairment . . . . . . . . .           --           5,700,000       9,300,000
                                                        -----------      -----------     -----------
                                                          5,487,716       11,561,413      23,261,998
                                                        -----------      -----------     -----------
                                                          1,306,721       (4,097,142)     (8,075,141)
Partnership's share of operations of
  unconsolidated ventures . . . . . . . . . . . . .       1,933,290          582,581         761,233
                                                        -----------      -----------     -----------
Earnings (loss) before gains on sale of investment
  properties and extraordinary items. . . . . . . .       3,240,011       (3,514,561)     (7,313,908)
Partnership's share of gain on sale of investment
  properties of unconsolidated ventures . . . . . .      13,684,709             --              --
Gain on sale of investment property . . . . . . . .           --              50,826       3,832,429
                                                        -----------      -----------     -----------
Earnings (loss) before extraordinary items. . . . .      16,924,720       (3,463,735)     (3,481,479)
Extraordinary items . . . . . . . . . . . . . . . .           --               --          3,934,532
                                                        -----------      -----------     -----------

                Earnings (loss) . . . . . . . . . .     $16,924,720       (3,463,735)        453,053
                                                        ===========      ===========     ===========



<PAGE>


                                       JMB INCOME PROPERTIES, LTD. - X
                                           (A LIMITED PARTNERSHIP)
                                          AND CONSOLIDATED VENTURE

                              CONSOLIDATED STATEMENTS OF OPERATIONS - CONTINUED



                                                           1997             1996            1995
                                                       ------------     ------------    ------------
Net earnings (loss) per limited partnership
  interest:
     Earnings (loss) before gains on sale or
       disposition of investment properties and
       extraordinary items. . . . . . . . . . . . .    $      20.74           (22.49)         (46.81)
     Partnership's share of gain on sale of
       investment properties of unconsolidated
       ventures . . . . . . . . . . . . . . . . . .           90.32            --              --
     Gains on sale of investment properties . . . .           --                 .34           25.29
                                                        -----------      -----------     -----------
     Earnings (loss) before extraordinary items . .          111.06           (22.15)         (21.52)
     Extraordinary items. . . . . . . . . . . . . .           --               --              25.97
                                                        -----------      -----------     -----------
                Net earnings (loss) . . . . . . . .     $    111.06           (22.15)           4.45
                                                        ===========      ===========     ===========























<FN>
                         See accompanying notes to consolidated financial statements
</TABLE>


<PAGE>


<TABLE>

                                         JMB INCOME PROPERTIES, LTD. - X
                                             (A LIMITED PARTNERSHIP)
                                            AND CONSOLIDATED VENTURE

                              CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL ACCOUNTS

                                  YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995

<CAPTION>
                                 GENERAL PARTNERS                        LIMITED PARTNERS (150,005 INTERESTS)
               ---------------------------------------------------   ---------------------------------------------------
                                                                  CONTRI-
                                                                  BUTIONS
                            NET                                   NET OF       NET
              CONTRI-     EARNINGS     CASH                      OFFERING    EARNINGS       CASH
              BUTIONS      (LOSS)  DISTRIBUTIONS    TOTAL         COSTS       (LOSS)    DISTRIBUTIONS    TOTAL
              -------   ---------- ------------- -----------   -----------  ----------  ------------- ----------
<S>          <C>       <C>        <C>           <C>           <C>          <C>          <C>          <C>
Balance
 at Decem-
 ber 31,
 1994 . . . .  $1,000    1,367,150     (250,000)  1,118,150    135,651,080  73,874,835   (94,085,230)115,440,685

Cash distri-
 butions
 ($466 per
 limited
 partnership
 interest). .    --          --           --          --             --          --      (69,902,330)(69,902,330)
Net earnings
 (loss) . . .    --       (214,887)       --       (214,887)         --        667,940         --        667,940
               ------    ---------   ----------   ---------    -----------  ----------   -----------  ----------
Balance
 at Decem-
 ber 31,
 1995 . . . .   1,000    1,152,263     (250,000)    903,263    135,651,080  74,542,775  (163,987,560) 46,206,295

Cash distri-
 butions
 ($16.00 per
 limited
 partnership
 interest). .    --          --           --          --             --          --       (2,400,080) (2,400,080)
Net earnings
 (loss) . . .    --       (140,074)       --       (140,074)         --     (3,323,661)        --     (3,323,661)
               ------    ---------   ----------   ---------    -----------  ----------   -----------  ----------


<PAGE>


                                         JMB INCOME PROPERTIES, LTD. - X
                                             (A LIMITED PARTNERSHIP)
                                            AND CONSOLIDATED VENTURE

                        CONSOLIDATED STATEMENTS OF PARTNERS' CAPITAL ACCOUNTS - CONTINUED



                                 GENERAL PARTNERS                        LIMITED PARTNERS (150,005 INTERESTS)
               ---------------------------------------------------   ---------------------------------------------------
                                                                  CONTRI-
                                                                  BUTIONS
                            NET                                   NET OF       NET
              CONTRI-     EARNINGS     CASH                      OFFERING    EARNINGS       CASH
              BUTIONS      (LOSS)  DISTRIBUTIONS    TOTAL         COSTS       (LOSS)    DISTRIBUTIONS    TOTAL
              -------   ---------- -------------  ---------    -----------  ----------  ------------- ----------
Balance
 at Decem-
 ber 31,
 1996 . . . .   1,000    1,012,189     (250,000)    763,189    135,651,080  71,219,114  (166,387,640) 40,482,554

Cash distri-
 butions
 ($12 per
 limited
 partnership
 interest). .    --          --           --          --            --           --       (1,800,060) (1,800,060)
Net earnings
 (loss) . . .    --        266,448        --        266,448         --      16,658,272         --     16,658,272
               ------    ---------   ----------   ---------    -----------  ----------   -----------  ----------
Balance
 at Decem-
 ber 31,
 1997 . . . .  $1,000    1,278,637     (250,000)  1,029,637    135,651,080  87,877,386  (168,187,700) 55,340,766
               ======    =========   ==========   =========    ===========  ==========   ===========  ==========













<FN>
                          See accompanying notes to consolidated financial statements.
</TABLE>


<PAGE>


<TABLE>
                                       JMB INCOME PROPERTIES, LTD. - X
                                           (A LIMITED PARTNERSHIP)
                                          AND CONSOLIDATED VENTURE

                                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                                YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995
<CAPTION>
                                                            1997            1996             1995
                                                        -----------      -----------     -----------
<S>                                                    <C>              <C>             <C>
Cash flows from operating activities:
  Net earnings (loss) . . . . . . . . . . . . . . .     $16,924,720       (3,463,735)        453,053
  Items not requiring (providing) cash or
   cash equivalents:
    Depreciation. . . . . . . . . . . . . . . . . .         602,937          793,548       1,690,411
    Amortization of deferred expenses . . . . . . .          48,758           55,994          48,422
    Provisions for value impairment . . . . . . . .           --           5,700,000       9,300,000
    Partnership's share of operations of
      unconsolidated ventures, net of  distributions     (1,933,290)         (48,101)        451,367
    Partnership's share of gain on sale of invest-
      ment properties of unconsolidated ventures. .     (13,684,709)           --              --
    Gain on sale of investment properties . . . . .           --             (50,826)     (3,832,429)
    Extraordinary items . . . . . . . . . . . . . .           --               --         (3,934,532)
  Changes in:
    Rents and other receivables . . . . . . . . . .          15,733          184,371         (29,785)
    Prepaid expenses. . . . . . . . . . . . . . . .           1,137           (1,921)         58,623
    Escrow deposits . . . . . . . . . . . . . . . .         (40,114)          51,480          35,190
    Accrued rents receivable. . . . . . . . . . . .          31,834           29,775          27,557
    Accounts payable. . . . . . . . . . . . . . . .          63,370          115,660        (229,578)
    Accrued interest. . . . . . . . . . . . . . . .            (761)        (492,493)        834,600
    Accrued real estate taxes . . . . . . . . . . .         (68,920)         (29,923)       (295,413)
    Tenant security deposits. . . . . . . . . . . .           1,550           (3,250)         (3,344)
                                                       ------------      -----------     -----------
          Net cash provided by (used in)
            operating activities. . . . . . . . . .       1,962,245        2,840,579       4,574,142
                                                       ------------      -----------     -----------
Cash flows from investing activities:
  Net sales and maturities of short-term
    investments . . . . . . . . . . . . . . . . . .           --               --          2,880,712
  Cash sales proceeds from sale of investment
    properties, net of selling expenses . . . . . .           --             541,650      27,785,046
  Additions to investment properties
    (net of changes in related payables). . . . . .         (65,672)        (548,309)       (802,067)
  Partnership's distributions from unconsolidated
    ventures. . . . . . . . . . . . . . . . . . . .      18,064,018            --              --
  Partnership's contributions to
    unconsolidated ventures . . . . . . . . . . . .           --             (62,880)       (124,750)
  Payment of deferred expenses. . . . . . . . . . .            (465)         (45,735)       (156,661)
                                                       ------------      -----------     -----------


<PAGE>


                                       JMB INCOME PROPERTIES, LTD. - X
                                           (A LIMITED PARTNERSHIP)
                                          AND CONSOLIDATED VENTURE

                              CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED


                                                            1997            1996            1995
                                                        -----------      -----------     -----------
          Net cash provided by (used in)
            investing activities. . . . . . . . . .      17,997,881         (115,274)     29,582,280
                                                       ------------      -----------     -----------
Cash flows from financing activities:
  Bank overdrafts . . . . . . . . . . . . . . . . .           --            (378,034)        378,034
  Cash proceeds from refinancing of
    long-term debt. . . . . . . . . . . . . . . . .           --               --          7,363,196
  Payments of real estate escrow deposits from
    refinancing . . . . . . . . . . . . . . . . . .           --               --            772,831
  Payment of deferred refinancing expenses. . . . .           --               --             59,084
  Principal payments on long-term debt. . . . . . .        (128,131)        (109,719)    (35,881,814)
  Distributions to limited partners . . . . . . . .      (1,800,060)      (2,400,080)    (69,902,330)
                                                       ------------      -----------     -----------
          Net cash provided by (used in)
            financing activities. . . . . . . . . .      (1,928,191)      (2,887,833)    (97,210,999)
                                                       ------------      -----------     -----------
          Net increase (decrease) in cash
            and cash equivalents. . . . . . . . . .      18,031,935         (162,528)    (63,054,577)
          Cash and cash equivalents,
            beginning of year . . . . . . . . . . .      21,269,359       21,431,887      84,486,464
                                                       ------------      -----------     -----------
          Cash and cash equivalents,
            end of year . . . . . . . . . . . . . .    $ 39,301,294       21,269,359      21,431,887
                                                       ============      ===========     ===========
Supplemental disclosure of cash flow information:
  Cash paid for mortgage and other interest . . . .    $    558,052        1,058,623       3,239,722
                                                       ============      ===========     ===========
  Non-cash investing and financing activities:
    Extraordinary item:
      Disposition of investment property:
       Balance due on mortgage note payable . . . .    $      --               --         14,399,992
       Balance due on accrued interest cancelled. .           --               --            719,897
       Reduction of investment property . . . . . .           --               --        (13,555,611)
       Reduction of accrued real estate taxes . . .           --               --            535,289
       Reduction of accrued rent receivables. . . .           --               --           (357,660)
       Reduction of deferred expenses . . . . . . .           --               --            (26,983)
                                                       ------------      -----------     -----------
          Non-cash gain recognized due to
            lender realizing upon security. . . . .    $      --               --          1,714,924
                                                       ============      ===========     ===========


<PAGE>


                                       JMB INCOME PROPERTIES, LTD. - X
                                           (A LIMITED PARTNERSHIP)
                                          AND CONSOLIDATED VENTURE

                              CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED



                                                            1997            1996            1995
                                                        -----------      -----------     -----------

      Sale of investment property:
       Balance due on accrued interest cancelled. .    $      --               --          2,219,608
                                                       ============      ===========     ===========
          Non-cash gain recognized on
            sale of investment property . . . . . .    $      --               --          2,219,608
                                                       ============      ===========     ===========































<FN>
                        See accompanying notes to consolidated financial statements.
</TABLE>


<PAGE>


                    JMB INCOME PROPERTIES, LTD. - X
                        (A LIMITED PARTNERSHIP)
                       AND CONSOLIDATED VENTURE

              NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                   DECEMBER 31, 1997, 1996 AND 1995




OPERATIONS AND BASIS OF ACCOUNTING

     GENERAL

     The Partnership owns a shopping center in North Richland Hills, Texas.

Business activities consist of rentals to a variety of retail companies,
and the ultimate sale or disposition of such real estate.  The Partnership
currently expects to conduct an orderly liquidation of its remaining
investment portfolio and wind up its affairs not later than December 31,
1999, barring unforeseen economic circumstances.

     The accompanying consolidated financial statements include the
accounts of the Partnership and its majority-owned venture, Animas Valley
Mall Associates ("Animas") (prior to its sale in June 1995).  The effect of
all transactions between the Partnership and the consolidated venture has
been eliminated in the consolidated financial statements.  The equity
method of accounting has been applied in the accompanying consolidated
financial statements with respect to the Partnership's venture interests in
Royal Executive Park - I ("Royal Executive Park") and JMB-40 Broad Street
Associates ("Broad Street"). Accordingly, the accompanying consolidated
financial statements do not include the accounts of Royal Executive Park or
of Broad Street.

     The Partnership records are maintained on the accrual basis of
accounting as adjusted for Federal income tax reporting purposes.  The
accompanying consolidated financial statements have been prepared from such
records after making appropriate adjustments to present the Partnership's
accounts in accordance with generally accepted accounting principles
("GAAP") and to consolidate the accounts of the venture as described above.

Such GAAP and consolidation adjustments are not recorded on the records of
the Partnership.  The net effect of these items for the years ended
December 31, 1997 and 1996 is summarized as follows:



<PAGE>


<TABLE>

<CAPTION>

                                                   1997                               1996
                                     ------------------------------    ------------------------------
                                                         TAX BASIS                         TAX BASIS
                                       GAAP BASIS       (UNAUDITED)       GAAP BASIS      (UNAUDITED)
                                      ------------      -----------      ------------     -----------
<S>                                  <C>               <C>              <C>              <C>
Total assets. . . . . . . . . . . .    $65,062,906       69,319,908       50,071,138      61,599,239

Partners' capital accounts
  (deficits):
     General partners . . . . . . .      1,029,637          260,315          763,189         161,094
     Limited partners . . . . . . .     55,340,766       68,860,500       40,482,554      61,296,744

Net earnings (loss):
     General partners . . . . . . .        266,448           99,221         (140,074)           (184)
     Limited partners . . . . . . .     16,658,272        9,363,816       (3,323,661)         33,733

Net earnings (loss) per
  limited partnership
  interest. . . . . . . . . . . . .         111.06            62.42           (22.15)            .22
                                       ===========       ==========      ===========     ===========


</TABLE>


<PAGE>



     The net earnings (loss) per limited partnership interest is based upon
the number of limited partnership interests outstanding at the end of each
period (150,005).

     The preparation of financial statements in accordance with GAAP
requires the Partnership to make estimates and assumptions that affect the
reported or disclosed amount of assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses
during the reporting period.  Actual results could differ from those
estimates.

     Statement of Financial Accounting Standards No. 95 requires the
Partnership to present a statement which classifies receipts and payments
according to whether they stem from operating, investing or financing
activities.  The required information has been segregated and accumulated
according to the classifications specified in the pronouncement.
Partnership distributions from unconsolidated ventures are considered cash
flow from operating activities only to the extent of the Partnership's
cumulative share of net earnings.  The Partnership records amounts held in
U.S. Government obligations at cost, which approximates market.  For the
purposes of these statements, the Partnership's policy is to consider all
such amounts held with original maturities of three months or less
($39,141,201 and $20,974,584 at December 31, 1997 and 1996, respectively)
as cash equivalents, which includes investments in an institutional mutual
fund which holds U.S. Government obligations, with any remaining amounts
(generally with original maturities of one year or less) reflected as
short-term investments being held to maturity.

     Deferred loan fees are amortized over the term of the respective loan
agreement.

      Although certain leases of the Partnership provide for tenant
occupancy during periods for which no rent is due and/or increases in
minimum lease payments over the term of the lease, the Partnership accrues
rental income for the full period of occupancy on a straight-line basis.

     No provision for State or Federal income taxes has been made as the
liability for such taxes is that of the Partners rather than the
Partnership.  However, in certain instances, the Partnership may be
required under applicable law to remit directly to the tax authorities
amounts representing withholding from distributions paid to partners.

     The Partnership had acquired, either directly or through joint venture
arrangements, interests in three office buildings and five shopping
centers.  Seven investment properties have been sold or disposed of by the
Partnership.  The remaining investment property owned at December 31, 1997
is in operation.  The cost of the investment property represents the total
cost to the Partnership plus miscellaneous acquisition costs.

     Depreciation on the consolidated investment properties has been
provided over the estimated useful lives of the various components as
follows:

                                                    YEARS
                                                    -----

               Improvements--straight line. . .      30
               Personal property--straight line       5
                                                     ==

     Maintenance and repair expenses are charged to operations as incurred.

Significant betterments and improvements are capitalized and depreciated
over their estimated useful lives.



<PAGE>


     Statement of Financial Accounting Standards No. 121 ("SFAS 121")
"Accounting for the Impairment of Long-Lived Assets and for Long-Lived
Assets to Be Disposed Of" was issued in March 1995.  The Partnership
adopted SFAS 121 as required in the first quarter of 1996.  SFAS 121
requires that the Partnership record an impairment loss on its properties
to be held for investment whenever their carrying value cannot be fully
recovered through estimated undiscounted future cash flows from their
operations and sale.  The amount of the impairment loss to be recognized
would be the difference between the property's carrying value and the
property's estimated fair value.  The Partnership's policy is to consider a
property to be held for sale or disposition when the Partnership has
committed to a plan to sell or dispose of such property and active
marketing activity has commenced or is expected to commence in the near
term or the Partnership has concluded that it may dispose of the property
by no longer funding operating deficits or debt service requirements of the
property thus allowing the lender to realize upon its security.  In
accordance with SFAS 121, any properties identified as "held for sale or
disposition" are no longer depreciated.  Adjustments for impairment loss
for such properties (subsequent to the date of adoption of SFAS 121) are
made in each period as necessary to report these properties at the lower of
carrying value or fair value less costs to sell.  In certain situations,
such estimated fair value could be less than the existing non-recourse debt
which is secured by the property.  There can be no assurance that any
estimated fair value of these properties would ultimately be realized by
the Partnership in any future sale or disposition transaction.

     Under the prior accounting policy, provisions for value impairment
were recorded with respect to investment properties whenever the estimated
future cash flows from a property's operations and projected sale were less
than the property's carrying value.  The amount of any such impairment loss
recognized by the Partnership was limited to the excess, if any, of the
property's carrying value over the outstanding balance of the property's
non-recourse indebtedness.  An impairment loss under SFAS 121 is determined
without regard to the nature or the balance of such non-recourse
indebtedness.  Upon the disposition of a property with the related
extinguishment of the long-term debt for which an impairment loss has been
recognized under SFAS 121, the Partnership would recognize, at a minimum, a
net gain for financial reporting purposes (comprised of gain on
extinguishment of debt and gain or loss on the sale or disposition of
property) to the extent of any excess of the then outstanding balance of
the property's non-recourse indebtedness over the then carrying value of
the property, including the effect of any reduction for impairment loss
under SFAS 121.

     In addition, upon the disposition of any impaired property, the
Partnership will generally recognize more net gain for financial reporting
purposes under SFAS 121 than it would have under the Partnership's prior
impairment policy, without regard to the amount, if any, of cash proceeds
received by the Partnership in connection with the disposition.  Although
implementation of this accounting statement could significantly impact the
Partnership's reported earnings, there would be no impact on cash flows.
Further, any such impairment loss is not recognized for Federal income tax
purposes.

     The results of operations for consolidated properties held for sale or
disposition as of December 31, 1997 or sold or disposed of during the past
three years were $939,683, ($4,779,938) and $105,392, respectively, for the
years ended December 31, 1997, 1996 and 1995.  In addition, the
accompanying consolidated financial statements include $1,933,290, $399,985
and $447,964, respectively, of the Partnership's share of total property
operations of $4,334,974, $801,574 and $1,181,849 of unconsolidated
properties held for sale or disposition as of December 31, 1997 or sold or
disposed of in the past three years.



<PAGE>


     During the second quarter of 1997, Statements of Financial Accounting
Standards No. 128 ("Earnings per Share") and No. 129 ("Disclosure of
Information about Capital Structure") were issued.  These standards became
effective for reporting periods after December 15, 1997.  As the
Partnership's capital structure only has general and limited partnership
interests, the Partnership will not experience any significant impact on
its consolidated financial statements.


INVESTMENT PROPERTIES

     NORTH HILLS MALL

     During October 1983, the Partnership acquired an existing enclosed
mall regional shopping center in North Richland Hills (Fort Worth), Texas.
In 1985, the Partnership obtained a permanent loan in the amount of
$8,000,000, secured by the property.  The Partnership's aggregate cash
investment, including additional capital improvements and other
expenditures, is approximately $14,690,000.

     The Partnership and the mortgage lender agreed to extend the July 1,
1995 maturity date of the mortgage loan on the North Hills Mall until
December 1, 1995.  During this extension, the Partnership made a cumulative
paydown of approximately $860,000.  The interest rate of 12.5% on the
mortgage loan remained unchanged during this extension.  On November 30,
1995, the Partnership refinanced the mortgage loan (with a then outstanding
balance of $6,972,974) with a new lender.  The new mortgage loan had an
original principal balance of $8,000,000 and monthly principal and interest
payments of $57,182, which are based upon an interest rate per annum of
7.125% and a 25-year amortization schedule, through January 1, 2001 when
the remaining principal balance of $7,318,330 is due and payable.

     The Partnership has been seeking a replacement anchor department store
for the existing Stripling & Cox store.  Based upon discussions with most
major department store owners and given the market and property operating
conditions discussed more fully below, it does not appear that the
Partnership will be able to attract a traditional department store anchor
to the center in the near term.

     North Hills Mall's major competition, Northeast Mall (located within a
mile from the center) has announced that it would be undertaking a major
redevelopment which would increase its mall space as well as add up to two
new anchor department stores.  Completion is expected sometime in 1999.
Nordstrom's department store has committed to be one of those anchor
stores.  Northeast already has four anchor department store tenants.

     In addition to the increased competition from Northeast Mall, over the
last several years a significant number of strip center developments have
been opened within a close proximity to the center.  Many of these centers
include large retail "Big Box" tenants that have adversely affected the
center's tenant sales.

     North Hills Mall has three anchor department stores, none of which are
owned by the Partnership.  The operating agreements that require these
stores to remain open expire in 1999 and 2000.  There is no certainty that
any of these stores will continue operations beyond the operating agreement
expiration dates.

     The effect of all these conditions is that mall sales have decreased
in recent years and the manager has had difficulty retaining and attracting
typical national or regional tenants.  As indicated above, while the
occupancy of the center is 78%, only 67% is occupied by permanent tenants.
The center's operating cash flow has been and will continue to be reduced
due to increased vacancy and lower effective rental rates achieved on re-
leasing vacant space.  If the Foley's store were to close in 1999 without
some form of replacement, it would be very difficult to lease space in the
center.


<PAGE>


     The Partnership continues to consider alternatives for the
redevelopment of the property to co-exist with the increased competition.
The goal is to develop a plan that will stabilize the center and allow the
Partnership to preserve as much value as possible.

     While any redevelopment plan is likely to involve substantial costs,
the Partnership will not make additional investments in the property for a
redevelopment unless it believes that the incremental investment will be
returned with a reasonable profit thereon.  There are no assurances that,
even if the Partnership desired to do so, a redevelopment or sale of the
property would occur.  In the meantime, the center produces sufficient
operating cash flow to cover the required debt service and provide the
Partnership with a cash return.

     Due to the property and anticipated market conditions outlined above,
there was uncertainty about the Partnerships ability to recover the net
carrying value of the North Hills Mall investment property through future
operations and sale, given the expected holding period not being in excess
of 1999.  Therefore, as of December 31, 1996, the Partnership recorded, as
a matter of prudent accounting practice, a provision for value impairment
of such investment of $5,700,000.  Such provision was recorded to reflect
the then estimated fair value of the property based upon an analysis of the
property's discounted estimated future cash flows over the projected
holding period.  There can be no assurance that the estimated fair value of
the property would ultimately be realized by the Partnership in any future
sale or disposition transaction.

     As the Partnership had committed to a plan to sell or dispose of the
property, North Hills Mall was classified as held for sale or disposition
as of September 30, 1997, and therefore has not been subject to continued
depreciation beyond such date.

     PASADENA TOWN SQUARE MALL

     During October 1983, the Partnership acquired an existing enclosed
mall regional shopping center in Pasadena (Houston), Texas known as
Pasadena Town Square Mall.  In 1985, the Partnership obtained a permanent
loan in the amount of $15,150,000, secured by the property.  The
Partnership's aggregate cash investment, including additional capital
improvements and other expenditures, was approximately $16,131,000.

     The non-recourse first mortgage secured by the Pasadena Town Square
Mall investment property matured in January 1995.  The Partnership
continued to remit debt service payments to the lender based on the cash
generated by the property while negotiating for an extension or refinancing
of the loan.  In 1995, the lender appointed a receiver to oversee the
property management obligations being performed by an affiliate of the
General Partner.  The lender notified the Partnership of its demand for
payment of all sums owed.  Further negotiations with the lender to obtain a
loan refinancing and/or extension proved futile.  The Partnership, after
taking into consideration the costs to retain and/or add another anchor
tenant and associated mall leasing difficulties, current and projected
local economic conditions, decreasing sales and increased competition from
new and recently renovated retail properties within the trade area of the
investment property, decided not to commit any significant further amounts
of capital to this property.

     Effective October 3, 1995, due to the Partnership's default in the
payment of all amounts owed, the mortgage lender concluded proceedings to
realize upon its mortgage security and obtained title to the property.
Although the Partnership no longer had an ownership interest in Pasadena
Town Square Mall, it had retained ownership of an approximately two acre
unencumbered unimproved land outparcel adjacent to the property.  The
Partnership recognized an extraordinary gain of $1,714,924 on the discharge
of indebtedness for financial reporting purposes in 1995.  The Partnership
recognized a gain of $3,584,938 for Federal income tax purposes in 1995
without any net realizable proceeds.  Previously, due to the factors
discussed above, and due to the uncertainty of the Partnership's ability to


<PAGE>


recover the net carrying value of the Pasadena Town Square investment
property through future operations and sale, the Partnership at December
31, 1994, recorded as a matter of prudent accounting practice, a provision
for value impairment of such investment of $8,434,103.  Such provisions
were recorded to reduce the net carrying value of the investment property
to the then outstanding balance of the related non-recourse financing.

     During October 1996, a sale was finalized for an approximate two acre
unencumbered, unimproved out-parcel of land at a price of $550,000, before
closing costs and prorations, which was paid in cash at closing.  The
Partnership recognized a gain of approximately $51,000 for both financial
reporting and Federal income tax purposes in 1996.

VENTURE AGREEMENTS - GENERAL

     The Partnership at December 31, 1997 is still a party to the Royal
Executive Park and Broad Street joint venture agreements as the period
during which the joint ventures are liable for representations and
warranties contained in the Purchase and Sale Agreements extends until late
1998 as discussed below.  Pursuant to such joint venture agreements, the
Partnership made initial capital contributions of approximately $47,313,000
(before legal and other acquisition costs and its share of operating
deficits as discussed below).  Under certain circumstances, either pursuant
to the venture agreements or due to the Partnership's obligations as a
general partner, the Partnership may be required to make additional cash
contributions to the ventures.

     The Partnership had acquired, through the above ventures, two office
buildings.  The venture properties were financed under various long-term
debt arrangements as described in the notes.  There are certain risks
associated with the Partnership's investments made through joint ventures
including the possibility that the Partnership's joint venture partners in
an investment might become unable or unwilling to fulfill its financial or
other obligations, or that such joint venture partners may have economic or
business interests or goals that are inconsistent with those of the
Partnership.

     ANIMAS VALLEY MALL

     The Partnership had acquired its interest in the Animas Valley Mall by
a $9,000,000 contribution in cash to a joint venture with the developer in
October 1983.

     On June 30, 1995, the Partnership, through Animas Valley Mall
Associates, sold the land, building, related improvements and personal
property of the Animas Valley Mall and related land outparcel located in
Farmington, New Mexico.  The purchaser was not affiliated with the
Partnership or its General Partners and the sale price was determined by
arm's-length negotiations.  The aggregate sale price of the above was
$27,800,000 (before selling costs and prorations), all of which was paid in
cash at closing.  A majority of the cash proceeds ($27,000,000) was
utilized to retire the first mortgage secured by the improved property.
The Partnership recognized a gain of $3,832,429 on the sale of the
investment property and an extraordinary gain of $2,219,608 on the
forgiveness of debt for financial reporting purposes in 1995.  The
Partnership recognized a gain of $2,920,143 for Federal income tax purposes
in 1995.

     Operating profits and losses were allocated to the Partnership and the
joint venture partner according to their respective contributions to fund
operating deficits with any remaining losses allocated to the Partnership.
In April 1992, the Partnership and its joint venture partner settled
certain legal disputes regarding the joint venture agreement and management
of the property.  Under the terms of the settlement, the Partnership
agreed, among other things to pay the unaffiliated venture partner a
certain settlement amount in connection with the disposition of the
property.  On June 16, 1995, the joint venture acquired a 99% interest in
RIC Wausau Associates, L.L.C., a Wisconsin limited liability company
("LLC"), which owns an unimproved land parcel, for the sum of $75,000.  On


<PAGE>


June 22, 1995, this interest in the LLC was assigned via a tax-free
exchange to the unaffiliated joint venture partner in return for the
relinquishment of its entire interest in the joint venture, including any
right to the settlement payment upon disposition discussed above.
Concurrently, the Partnership admitted the General Partner of the
Partnership into the joint venture with a 1% interest.

     In April 1992, the joint venture finalized a modification of the
existing long-term mortgage note secured by the Animas Valley Mall.  Under
the terms of the modification, the joint venture, commencing with the
January 1991 payment, was obligated to pay debt service of interest only
installments at a rate of 10.25% per annum, through the original term of
the note, with the deferred interest (2.25%) accruing at 12.5% and payable
monthly to the extent of any cash flow (as defined) or upon the earlier of
the sale of the property or maturity of the note in January 1994.  The
joint venture paid debt service through February 1994 in accordance with
these modified terms.  In addition, under the terms of the modification,
the joint venture was required to make monthly real estate tax escrow
deposits.  In April 1994, the joint venture and the existing lender
finalized an amendment to the loan (effective March 1, 1994) providing for
the extension of its maturity to March 1995 and lowering the pay and
accrual rate on the principal balance to 8% per annum.  Any excess cash
flow generated by the property during this period was payable to the lender
quarterly towards interest accrued as of December 31, 1994 (approximately
$2,200,000).  As of the date of sale, no excess cash flow was paid to the
lender.  The lender agreed to further extend the maturity date to July 1,
1995 and subsequently to September 1, 1995 under the prior modification
terms.  The lender agreed to allow the joint venture to retain any net sale
proceeds in excess of the $27,000,000 (as defined).

     ROYAL EXECUTIVE PARK

     In December 1983, the Partnership acquired through a joint venture
with the developer, an interest in a completed three-building office
complex in Rye Brook, New York known as Royal Executive Park.

     The Partnership contributed the sum of $25,948,000 to the joint
venture which was used to repay an interim construction loan secured by the
property.  The developer was obligated to contribute to the joint venture
amounts required to complete construction including tenant improvements.
The acquisition of the venture interest resulted in an excess of the
Partnership's basis in the property over its proportionate share of the
venture's assets of approximately $10,000,000.  Such excess was being
amortized over the remaining useful life of the joint venture's property
through an adjustment of the Partnership's share of the joint venture's
operations.  As discussed below, the Partnership recorded a provision for
value impairment at September 30, 1995.

     Annual cash flow is distributed 49.9% to the Partnership and 50.1% to
the joint venture partner.  However, since the joint venture partner did
not receive $2,605,200 of cash flow for each of the initial five years, the
joint venture partner was entitled to receive such deficiency, up to
$400,000 from annual cash flow, if any, available for distribution to the
partners after the Partnership and the joint venture partners have received
$2,594,800 and $2,605,200, respectively, per annum.  Operating profits and
losses are generally allocated to the joint venture partners in the same
ratio that annual cash flow is distributed to the partners.

     The joint venture agreement further provides that proceeds from sale
or refinancing of the complex will be distributed 49.9% to the Partnership
and 50.1% to the joint venture partner.

     The property was managed by an affiliate of the joint venture partner
under an agreement which provided for fees equal to 2% of the base rent
paid by tenants.  Effective July 1, 1994, an affiliate of the General
Partner of the Partnership assumed the property management responsibilities
for the joint venture on essentially the same terms.  In addition,
effective July 1, 1994, the same affiliate of the General Partner assumed


<PAGE>


certain leasing responsibilities for the property.  In December 1994, such
affiliate further assigned such property management and leasing
responsibilities to an unaffiliated third party.

     In response to the uncertainty of the Partnership's ability to recover
the net carrying value of the Royal Executive Park joint venture investment
through future operations and sale during the estimated holding period, as
of September 30, 1995, the Partnership recorded as a matter of prudent
accounting practice, a provision for value impairment of such investment of
$9,300,000.  Such provisions were recorded to reduce the net carrying value
of the joint venture investment to its then estimated fair value.  As the
joint venture had committed to a plan to sell or dispose of the property,
the Royal Executive Park office building was classified as held for sale as
of December 31, 1996 and, therefore, has not been subject to continued
depreciation beyond that date.

     On December 19, 1997, the Partnership, through the Royal Executive
Park joint venture, sold the land, buildings, related improvements and
personal property of the Royal Executive Park office complex to an
unaffiliated third party for a sale price of $37,000,000 (before selling
expenses and prorations).  The sale resulted in a gain in 1997 of
$10,736,881 and $28,437,135 for financial reporting and Federal income tax
purposes, respectively, of which $7,252,278 and $12,360,718 of gain was
allocated to the Partnership, respectively.  In addition, in connection
with the sale of the property, as is customary in such transactions, the
joint venture agreed to certain representations, warranties and covenants
with a stipulated survival period that expires November 15, 1998.  Although
it is not expected, the joint venture and the Partnership may ultimately
have some liability under such representations, warranties and covenants,
but such liability has been limited in the sale agreement to actual damages
in an amount not to exceed $2,000,000 in the aggregate.

     Concurrently with the sale of Royal Executive Park-I, two other office
parks, Royal Executive Park II ("Royal II") and Royal Executive Park III
("Royal III") were sold.  Royal II was owned by a joint venture between JMB
Income Properties-XI (a partnership sponsored by the Partnership's General
Partner) and the Partnership's unaffiliated venture partner in Royal
Executive Park-I.  Royal III was owned entirely by the unaffiliated venture
partner in Royal Executive Park-I and Royal II.  The purchase price for
each office park was separately negotiated with the buyer.

     The joint venture determined that one of the property's underground
storage tanks had discharged an amount of fuel oil into the ground.  The
joint venture believes that such discharge had been the result of normal
operations of the property and not the result of actions of tenants or
other third parties.  The joint venture received a cost estimate of
approximately $200,000 for remediation of the contaminated soil, of which
approximately $87,000 was incurred through the date of sale.  As part of
the sale agreement discussed above, the purchaser is required to hold the
joint venture harmless for any future clean-up costs or claims resulting
from the contaminated soil.

     40 BROAD STREET

     During December 1985, the Partnership acquired, through a joint
venture partnership (the "Affiliated Joint Venture") with JMB Income
Properties, Ltd.-XII ("JMB Income-XII", a partnership sponsored by the
Managing General Partner of the Partnership) a 31.44% interest in an
existing 24-story office building located at 40 Broad Street in New York,
New York.  The Affiliated Joint Venture's purchase price for the building
was $65,100,000 (net of prorations and miscellaneous closing costs), of
which the Partnership provided approximately $20,470,000, which was paid in
cash at closing.

     The Partnership was allocated or distributed profits and losses, cash
flow from operations and sale or refinancing proceeds in the ratio of its
capital contributions to the Affiliated Joint Venture which is 31.44%.  The
Partnership and JMB Income - XII are current with respect to their required
capital contributions to Broad Street.


<PAGE>


     The property was managed by an unaffiliated third party for a fee
calculated as 2% of gross receipts of the property.

     On December 30, 1997, the Partnership, through the Affiliated Joint
Venture, sold the land, building, related improvements and personal
property of the 40 Broad Street office building to an unaffiliated third
party for a sale price of $34,735,000 (before selling expenses and
prorations).  The sale resulted in a gain of $20,532,803 (predominantly due
to provisions for value impairment totaling approximately $52,000,000
recorded in 1990 and 1991, of which the Partnership's share was
approximately $16,349,000) and a loss of $9,703,264 in 1997 for financial
reporting and Federal income tax purposes, respectively, of which
$6,432,431 of gain and $3,050,706 of loss was allocated to the Partnership,
respectively.  In addition, in connection with the sale of the property, as
is customary in such transactions, the Affiliated Joint Venture agreed to
certain representations, warranties and covenants with a stipulated
survival period that expires December 1, 1998.  Although it is not
expected, the Venture and the Partnership may ultimately have some
liability under such representations, warranties and covenants, but such
liability has been limited in the sale agreement to actual damages in an
amount not to exceed $1,500,000 in the aggregate.

LONG-TERM DEBT

     Long-term debt consists of the following at December 31, 1997 and
1996:
                                               1997            1996
                                            ----------      ---------
7-1/8% mortgage note, secured
 by the North Hills Mall in North
 Richland Hills (Fort Worth), Texas;
 payable in monthly installments of
 $57,182 (including interest) until
 January 1, 2001 when the outstanding
 balance of $7,318,330 is due and
 payable. . . . . . . . . . . . . . . .     $7,762,150      7,890,281
                                            ----------     ----------
     Total debt . . . . . . . . . . . .      7,762,150      7,890,281
     Less current portion of
       long-term debt . . . . . . . . .        137,564        128,130
                                            ----------     ----------
          Total long-term debt. . . . .     $7,624,586      7,762,151
                                            ==========     ==========

     Five year maturities of long-term debt are summarized as follows:

                   1998 . . . . . . . .   $  137,564
                   1999 . . . . . . . .      147,692
                   2000 . . . . . . . .      158,565
                   2001 . . . . . . . .    7,318,329
                   2002 . . . . . . . .        --
                                          ==========

PARTNERSHIP AGREEMENT

     Pursuant to the terms of the Partnership Agreement, net profits or
losses of the Partnership from operations are allocated 96% to the Limited
Partners and 4% to the General Partners.  Profits from the sale or
refinancing of investment properties are to be allocated to the General
Partners to the greater of 1% of such profits or the amount of cash
distributable to the General Partners from any such sale or refinancing (as
described below).  Losses from the sale or refinancing of investment
properties are to be allocated 1% to the General Partners.  The remaining
sale or refinancing profits and losses will be allocated to the Limited
Partners.

     The General Partners are not required to make any capital contribu-
tions except under certain limited circumstances upon termination of the
Partnership.  Distributions of "cash flows" of the Partnership are


<PAGE>


allocated 90% to the Limited Partners and 10% to the General Partners.
However, portions of such distributions to the General Partners are
subordinated to the Limited Partners' receipt of a stipulated return on
capital.  Through December 31, 1997, $10,353,187 of distributable cash has
been deferred by the General Partners.

    The Partnership Agreement provides that the General Partners shall
receive as a distribution from the sale of a real property by the
Partnership 3% of the selling price and any cumulative deferrals of their
10% distribution of disbursable cash, subject to certain limitations.  Any
remaining proceeds (net after expenses and retained working capital) will
be distributed 85% to the  Limited Partners and 15% to the General
Partners.  However, the Limited Partners shall receive 100% of such net
sale proceeds until the Limited Partners (i) have received cash
distributions of sale or refinancing proceeds in an amount equal to the
Limited Partners' aggregate initial capital investment in the Partnership,
and (ii) have received cumulative cash distributions from the Partnership's
operations which, when combined with sale or refinancing proceeds
previously distributed, equal a 10% annual return on the Limited Partners'
average capital investment for each year (their initial capital investment
as reduced by sale or refinancing proceeds previously distributed)
commencing with the first fiscal quarter of 1984.

MANAGEMENT AGREEMENTS

     The North Hills Mall, Pasadena Town Square (prior to the lender
realizing upon its security in October 1995) and Animas Valley Mall (prior
to its sale in June 1995) are/were managed by an affiliate of the General
Partners pursuant to management agreements that provide for leasing
commissions and an annual fee based upon a percentage of rental income of
the property, the aggregate of such commission and fee not to exceed 6% of
the gross receipts of the property.  The Royal Executive Park office
building had been managed by an affiliate of the joint venture partner
under an agreement which provided for fees equal to 2% of the base rent
paid by tenants.  Effective July 1, 1994, an affiliate of the General
Partner of the Partnership assumed the property management responsibilities
for the joint venture.  The new manager essentially assumed the previous
management agreement with the exception that a portion of the 2% management
fee was paid to the previous manager annually by the new manager as
compensation to the previous manager for relinquishing management of the
property.  In addition, the affiliate of the General Partners assumed the
leasing responsibilities for the property.


LEASES - AS PROPERTY LESSOR

     At December 31, 1997, the Partnership's principal asset is one
shopping center.  The Partnership has determined that all leases relating
to this property are properly classified as operating leases; therefore,
rental income is reported when earned.   Leases with tenants range in term
from one to thirty years and provide for fixed minimum rent and partial
reimbursement of operating costs.  In addition, leases provide for
additional rent based upon percentages of tenants' sales volumes.  A
substantial portion of the ability of retail tenants to honor their leases
is dependent upon the retail economic sector.

     Minimum lease payments, including amounts representing executory costs
(e.g. taxes, maintenance, insurance) and any related profit, to be received
in the future under the operating leases are as follows:

                   1998 . . . . . . . . . .    $ 2,201,808
                   1999 . . . . . . . . . .      2,036,455
                   2000 . . . . . . . . . .      1,829,806
                   2001 . . . . . . . . . .      1,685,536
                   2002 . . . . . . . . . .      1,536,598
                   Thereafter . . . . . . .      3,496,419
                                               -----------
                        Total . . . . . . .    $12,786,622
                                               ===========


<PAGE>


     Contingent rent (based on sales by property tenants) included in
consolidated rental income was as follows for the years ended December 31,
1997, 1996 and 1995:

                   1995 . . . . . . . . . .       $331,841
                   1996 . . . . . . . . . .        276,538
                   1997 . . . . . . . . . .        229,640


TRANSACTIONS WITH AFFILIATES

     The Partnership, pursuant to the Partnership Agreement, is permitted
to engage in various transactions involving the Managing General Partner
and its affiliates including the reimbursement for salaries and salary-
related expenses of its employees, certain of its officers, and other
direct expenses relating to the administration of the Partnership and the
operation of the Partnership's investments.  Fees, commissions and other
expenses required to be paid by the Partnership to the General Partners and
their affiliates as of December 31, 1997, 1996 and 1995 are as follows:

                                                            UNPAID AT
                                                           DECEMBER 31,
                            1997       1996       1995        1997
                          --------   --------   --------   ------------
Property management
 and leasing fees . . . . $113,526    146,329    295,394        --
Insurance commissions . .   11,351      3,546     24,677        --
Reimbursement (at cost)
 for accounting
 services . . . . . . . .   15,212     10,145     90,169       6,031
Reimbursement (at cost)
 for portfolio manage-
 ment services. . . . . .   78,283     44,567     66,668      22,758
Reimbursement (at cost)
 for legal services . . .    5,935      3,910      8,021       1,150
Reimbursement (at cost)
 for administrative
 charges and other
 out-of-pocket expenses .   20,762      8,824    148,818        --
                          --------    -------    -------      ------
                          $245,069    217,321    633,747      29,939
                          ========    =======    =======      ======

     The General Partners have deferred (in accordance with the Partnership
agreement) payment of certain of their distributions of net cash flow from
the Partnership.  Accordingly, $10,353,187 (approximately $69 per interest)
of distributable cash has been deferred by the General Partners.  These
amounts, together with the unpaid fees and expenses set forth in the table
above, do not bear interest and may be paid in future periods in accordance
with the Partnership agreement to the extent of sufficient distributable
proceeds from property operations, sales or refinancings.  The Partnership
does not expect that the subordination requirements of the Partnership
agreement will be satisfied over the expected remaining term of the
Partnership to permit payment of the majority of these amounts.




<PAGE>



INVESTMENTS IN UNCONSOLIDATED VENTURES

      Summary financial information for Royal Executive Park and 40 Broad
Street as of and for the years ended December 31, 1997 and 1996 are as
follows:

                                          1997           1996
                                     ------------     -----------

Current assets. . . . . . . . . .     $37,275,270       3,143,859
Current liabilities . . . . . . .        (231,710)       (499,199)
                                      -----------     -----------
     Working capital. . . . . . .      37,043,560       2,644,660
                                      -----------     -----------
Investment property, net. . . . .           --         30,220,549
Other assets, net . . . . . . . .           --          5,234,760
Other liabilities, net. . . . . .           --           (112,672)
Venture partners' equity. . . . .     (24,974,587)    (12,338,930)
                                      -----------     -----------
     Partners' capital. . . . . .     $12,068,973      25,648,367
                                      ===========     ===========
Represented by:
     Invested capital . . . . . .     $50,335,311      50,335,311
     Cumulative cash
       distributions. . . . . . .     (55,266,333)    (37,202,315)
     Cumulative net earnings. . .      16,999,995      12,515,371
                                      -----------     -----------
                                      $12,068,973      25,648,367
                                      ===========     ===========

Total income. . . . . . . . . . .     $11,512,114      10,666,093
                                      ===========     ===========
Expenses applicable
  to operations . . . . . . . . .     $ 7,507,140       9,283,744
                                      ===========     ===========
Gain on disposition
  of investment properties. . . .     $24,814,170           --
                                      ===========     ===========
Net earnings. . . . . . . . . . .     $28,819,144       1,382,349
                                      ===========     ===========

     Also, for the year ended December 31, 1995, total income, expenses
applicable to operations, gain on disposition of investment property and
net earnings were $11,140,197, $8,961,945, $0 and $2,178,252, respectively,
for the unconsolidated ventures listed above.




<PAGE>


<TABLE>
                                                                                          SCHEDULE III
                                       JMB INCOME PROPERTIES, LTD. - X
                                           (A LIMITED PARTNERSHIP)
                                          AND CONSOLIDATED VENTURE

                            CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION

                                              DECEMBER 31, 1997

<CAPTION>
                                                         COSTS
                                                       CAPITALIZED
                                INITIAL COST TO       SUBSEQUENT TO       GROSS AMOUNT AT WHICH CARRIED
                                PARTNERSHIP (A)      ACQUISITION(D)           AT CLOSE OF PERIOD (B)
                           ----------------------------------------  --------------------------------------
                                          BUILDINGS    BUILDINGS                   BUILDINGS
                                            AND          AND                          AND
DESCRIPTION    ENCUMBRANCE       LAND    IMPROVEMENTS IMPROVEMENTS       LAND     IMPROVEMENTS    TOTAL (E)
-----------    -----------   ----------- --------------------------   ----------  ------------   ----------
<S>           <C>            <C>         <C>         <C>              <C>         <C>            <C>

SHOPPING
 CENTER:
North Richland
 Hills,
 Texas (C). .   $7,762,151     3,170,275    9,829,725     9,484,442    1,839,688    19,379,839   21,219,527
                ----------     ---------    ---------     ---------    ---------    ----------   ----------

      Total .   $7,762,151     3,170,275    9,829,725     9,484,442    1,839,688    19,379,839   21,219,527
                ==========     =========    =========     =========    =========    ==========   ==========

</TABLE>


<PAGE>


<TABLE>
                                                                              SCHEDULE III - CONTINUED
                                       JMB INCOME PROPERTIES, LTD. - X
                                           (A LIMITED PARTNERSHIP)
                                          AND CONSOLIDATED VENTURE

                      CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED



<CAPTION>
                                                                                 LIFE ON WHICH
                                                                                 DEPRECIATION
                                                                                  IN LATEST
                                                                                 STATEMENT OF       1997
                                ACCUMULATED           DATE OF         DATE        OPERATION     REAL ESTATE
DESCRIPTION                    DEPRECIATION(F)     CONSTRUCTION     ACQUIRED     IS COMPUTED       TAXES
-----------                   ----------------     ------------    ----------  ---------------  -----------
<S>                          <C>                  <C>             <C>         <C>              <C>

SHOPPING CENTER:
  North Richland Hills,
    Texas (C) . . . . . . . .       $9,041,629         1979          10/19/83       5-30 years      543,328
                                    ----------                                                      -------

      Total . . . . . . . . .       $9,041,629                                                      543,328
                                    ==========                                                      =======

<FN>
------------------
Notes:
        (A) The initial cost to the Partnership represents the original purchase price of the
properties, including amounts incurred subsequent to acquisition which were contemplated at the
time the property was acquired.
        (B) The aggregate cost of real estate owned at December 31, 1997 for Federal income tax
purposes was approximately $26,165,000.
        (C) Reflects reallocation of initial costs between land and buildings and improvements.
        (D) The Partnership recorded a provision for value impairment of $5,700,000 in 1996,
which was recorded as a reduction in land, building improvements, deferred expenses and accrued
rents receivable.

</TABLE>


<PAGE>


<TABLE>                                                                       SCHEDULE III - CONTINUED
                                       JMB INCOME PROPERTIES, LTD. - X
                                           (A LIMITED PARTNERSHIP)
                                          AND CONSOLIDATED VENTURE

                      CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION - CONTINUED




        (E)  Reconciliation of real estate owned at December 31, 1997, 1996 and 1995:

<CAPTION>
                                                             1997            1996              1995
                                                         ------------    ------------     ------------
     <S>                                                <C>             <C>              <C>
     Balance at beginning of period . . . . . . . . .    $ 21,153,855      26,646,460       89,097,178
     Additions. . . . . . . . . . . . . . . . . . . .          65,672         548,309          802,067
     Reductions during period . . . . . . . . . . . .           --           (490,824)     (63,252,785)
     Provisions for value impairment. . . . . . . . .           --         (5,550,090)           --
                                                         ------------    ------------     ------------

     Balance at end of period . . . . . . . . . . . .    $ 21,219,527      21,153,855       26,646,460
                                                         ============    ============     ============

        (F)  Reconciliation of accumulated depreciation:

     Balance at beginning of period . . . . . . . . .    $  8,438,692       7,645,144       31,896,865
     Depreciation expense . . . . . . . . . . . . . .         602,937         793,548        1,690,411
     Reductions during period . . . . . . . . . . . .           --              --         (25,942,132)
                                                         ------------    ------------     ------------

     Balance at end of period . . . . . . . . . . . .    $  9,041,629       8,438,692        7,645,144
                                                         ============    ============     ============



</TABLE>


<PAGE>









                     INDEPENDENT AUDITORS' REPORT


The Partners
ROYAL EXECUTIVE PARK I:

     We have audited the financial statements of the Royal Executive Park I
(a general partnership) as listed in the accompanying index.  These
financial statements are the responsibility of the General Partners of the
Partnership.  Our responsibility is to express an opinion on these
financial statements based on our audits.

     We conducted our audits in accordance with generally accepted auditing
standards.  Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement.  An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements.  An audit also includes assessing the accounting principles
used and significant estimates made by the General Partners of the
Partnership, 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 the Royal
Executive Park I as of December 31, 1997 and 1996, and the results of its
operations and its cash flows for each of the years in the three-year
period ended December 31, 1997, in conformity with generally accepted
accounting principles.

     As discussed in the Notes to the financial statements, in 1996 the
Partnership changed its method of accounting for long-lived assets and
long-lived assets to be disposed of to conform with Statement of Financial
Accounting Standards No. 121.





                                        KPMG PEAT MARWICK LLP

Chicago, Illinois
March 25, 1998


<PAGE>


<TABLE>
                                           ROYAL EXECUTIVE PARK I
                                           (A GENERAL PARTNERSHIP)

                                               BALANCE SHEETS

                                         DECEMBER 31, 1997 AND 1996

                                                   ASSETS
                                                   ------

<CAPTION>
                                                                            1997            1996
                                                                        ------------    ------------
<S>                                                                    <C>             <C>
Current assets:
  Cash and cash equivalents . . . . . . . . . . . . . . . . . . . .     $  2,353,165       1,677,256
  Rents and other receivables . . . . . . . . . . . . . . . . . . .          115,245           3,928
  Prepaid expenses. . . . . . . . . . . . . . . . . . . . . . . . .            --             12,299
                                                                        ------------     -----------

          Total current assets. . . . . . . . . . . . . . . . . . .        2,468,410       1,693,483
                                                                        ------------     -----------

  Property held for sale or disposition . . . . . . . . . . . . . .            --         20,726,756
                                                                        ------------     -----------

Deferred expenses . . . . . . . . . . . . . . . . . . . . . . . . .            --          2,004,573
Accrued rents receivable. . . . . . . . . . . . . . . . . . . . . .            --          1,210,987
                                                                        ------------     -----------

                                                                        $  2,468,410      25,635,799
                                                                        ============     ===========



<PAGE>


                                           ROYAL EXECUTIVE PARK I
                                           (A GENERAL PARTNERSHIP)

                                         BALANCE SHEETS - CONTINUED


                                 LIABILITIES AND PARTNERS' CAPITAL ACCOUNTS
                                 ------------------------------------------

                                                                            1997            1996
                                                                        ------------    ------------

Current liabilities:
  Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . .     $    181,710         345,784
  Unearned rents. . . . . . . . . . . . . . . . . . . . . . . . . .           --                  13
                                                                        ------------     -----------

          Total current liabilities . . . . . . . . . . . . . . . .          181,710         345,797
                                                                        ------------     -----------
Commitments and contingencies

          Total liabilities . . . . . . . . . . . . . . . . . . . .          181,710         345,797
                                                                        ------------     -----------
Partners' capital accounts:
  JMB Income Properties, Ltd. - X:
    Capital contributions . . . . . . . . . . . . . . . . . . . . .       27,426,476      27,426,476
    Cumulative net earnings (loss). . . . . . . . . . . . . . . . .       18,449,370      21,116,921
    Cumulative cash distributions . . . . . . . . . . . . . . . . .      (44,734,430)    (26,670,412)
                                                                        ------------     -----------

                                                                           1,141,416      21,872,985
                                                                        ------------     -----------

    Venture partner capital accounts. . . . . . . . . . . . . . . .        1,145,284       3,417,017
                                                                        ------------     -----------

          Total partners' capital accounts. . . . . . . . . . . . .        2,286,700      25,290,002
                                                                        ------------     -----------

                                                                        $  2,468,410      25,635,799
                                                                        ============     ===========







<FN>
                               See accompanying notes to financial statements.
</TABLE>


<PAGE>


<TABLE>
                                           ROYAL EXECUTIVE PARK I
                                           (A GENERAL PARTNERSHIP)

                                          STATEMENTS OF OPERATIONS

                                YEARS ENDED DECEMBER 31, 1997, 1996 and 1995



<CAPTION>
                                                           1997             1996             1995
                                                        -----------      -----------     -----------
<S>                                                    <C>              <C>             <C>
Income:
  Rental income . . . . . . . . . . . . . . . . . .     $ 5,674,322        5,095,643       5,154,336
  Interest income . . . . . . . . . . . . . . . . .         106,750           34,670          46,251
                                                        -----------     ------------    ------------

                                                          5,781,072        5,130,313       5,200,587
                                                        -----------     ------------    ------------

Expenses:
  Depreciation. . . . . . . . . . . . . . . . . . .           --             672,009         678,555
  Property operating expenses . . . . . . . . . . .       2,972,860        3,342,848       3,034,027
  Amortization of deferred expenses . . . . . . . .         330,000          313,882         306,156
                                                        -----------     ------------    ------------

                                                          3,302,860        4,328,739       4,018,738
                                                        -----------     ------------    ------------

          Earnings before gain on sale of investment
            property. . . . . . . . . . . . . . . .       2,478,212          801,574       1,181,849

Gain on sale of investment property . . . . . . . .      10,736,881            --              --
                                                        -----------     ------------    ------------

          Net earnings (loss) . . . . . . . . . . .     $13,215,093          801,574       1,181,849
                                                        ===========     ============    ============








<FN>
                               See accompanying notes to financial statements.
</TABLE>


<PAGE>


<TABLE>
                                           ROYAL EXECUTIVE PARK I
                                           (A GENERAL PARTNERSHIP)

                                  STATEMENTS OF PARTNERS' CAPITAL ACCOUNTS

                                YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995


<CAPTION>

                                                              VENTURE
                                              JMB-X           PARTNERS
                                           -----------      -----------
<S>                                       <C>              <C>
Balance at December 31, 1994. . . . . .    $21,656,707        3,199,872

Cash contributions. . . . . . . . . . .        124,750          125,250
Cash distributions. . . . . . . . . . .       (898,200)        (901,800)
Net earnings (loss) . . . . . . . . . .        589,743          592,106
                                           -----------      -----------

Balance at December 31, 1995. . . . . .     21,473,000        3,015,428

Cash contributions. . . . . . . . . . .          --               --
Cash distributions. . . . . . . . . . .          --               --
Net earnings (loss) . . . . . . . . . .        399,985          401,589
                                           -----------      -----------

Balance at December 31, 1996. . . . . .     21,872,985        3,417,017

Cash contributions. . . . . . . . . . .          --               --
Cash distributions. . . . . . . . . . .    (18,064,018)     (18,154,377)
Net earnings (loss) . . . . . . . . . .     (2,667,551)      15,882,644
                                           -----------      -----------

Balance at December 31, 1997. . . . . .    $ 1,141,416        1,145,284
                                           ===========      ===========










<FN>
                               See accompanying notes to financial statements.
</TABLE>


<PAGE>


<TABLE>
                                           ROYAL EXECUTIVE PARK I
                                           (A GENERAL PARTNERSHIP)

                                          STATEMENTS OF CASH FLOWS
                                YEARS ENDED DECEMBER 31, 1997, 1996 and 1995

<CAPTION>
                                                            1997             1996            1995
                                                        -----------      -----------     -----------
<S>                                                    <C>              <C>             <C>
Cash flows from operating activities:
  Net earnings (loss) . . . . . . . . . . . . . . .     $13,215,093          801,574       1,181,849
Items not requiring (providing) cash or
 cash equivalents:
    Depreciation. . . . . . . . . . . . . . . . . .           --             672,009         678,555
    Amortization of deferred expenses . . . . . . .         330,000          313,882         306,156
    Gain on sale of investment property . . . . . .     (10,736,881)           --              --
  Changes in:
    Rents and other receivables . . . . . . . . . .        (111,317)          10,439         248,322
    Prepaid expenses. . . . . . . . . . . . . . . .          12,299             (983)          4,370
    Accrued rents receivable. . . . . . . . . . . .        (535,865)        (310,471)       (306,471)
    Accounts payable. . . . . . . . . . . . . . . .        (164,074)         242,213          22,467
    Unearned rents. . . . . . . . . . . . . . . . .             (13)         (18,965)         14,551
                                                       ------------      -----------     -----------
          Net cash provided by (used in)
            operating activities. . . . . . . . . .       2,009,242        1,709,698       2,149,799
                                                       ------------      -----------     -----------
Cash flows from investing activities:
  Cash sale proceeds from sale of investment
    property, net of selling expenses . . . . . . .      36,431,715            --              --
  Additions to investment properties. . . . . . . .      (1,151,544)        (485,790)       (222,889)
  Payment of deferred expenses. . . . . . . . . . .        (395,109)         (17,304)       (296,181)
                                                       ------------      -----------     -----------
          Net cash provided by (used in)
            investing activities. . . . . . . . . .      34,885,062         (503,094)       (519,070)
                                                       ------------      -----------     -----------
Cash flows from financing activities:
  Capital contributions by partners . . . . . . . .           --               --            250,000
  Distributions to partners . . . . . . . . . . . .     (36,218,395)           --         (1,800,000)
                                                       ------------      -----------     -----------
          Net cash provided by (used in)
            financing activities. . . . . . . . . .     (36,218,395)           --         (1,550,000)
                                                       ------------      -----------     -----------



<PAGE>


                                           ROYAL EXECUTIVE PARK I
                                           (A GENERAL PARTNERSHIP)

                                    STATEMENTS OF CASH FLOWS - CONTINUED



                                                            1997             1996            1995
                                                        -----------      -----------     -----------

          Net increase (decrease) in cash
            and cash equivalents. . . . . . . . . .         675,909        1,206,604          80,729
          Cash and cash equivalents,
            beginning of year . . . . . . . . . . .       1,677,256          470,652         389,923
                                                       ------------      -----------     -----------
          Cash and cash equivalents,
            end of year . . . . . . . . . . . . . .    $  2,353,165        1,677,256         470,652
                                                       ============      ===========     ===========

Supplemental disclosure of cash
 flow information:
  Cash paid for mortgage and
    other interest. . . . . . . . . . . . . . . . .    $      --               --              --
                                                       ============      ===========     ===========
  Non-cash investing and
    financing activities. . . . . . . . . . . . . .    $      --               --              --
                                                       ============      ===========     ===========





















<FN>
                               See accompanying notes to financial statements.
</TABLE>


<PAGE>


                        ROYAL EXECUTIVE PARK I
                        (A GENERAL PARTNERSHIP)

                     NOTES TO FINANCIAL STATEMENTS

                   DECEMBER 31, 1997, 1996 AND 1995


OPERATIONS AND BASIS OF ACCOUNTING

     The accompanying financial statements have been prepared for the
purpose of complying with Rule 3.09 of Regulation S-X of the Securities and
Exchange Commission.  They include the accounts of the unconsolidated joint
venture, Royal Executive Park I ("Venture"), in which JMB Income
Properties, Ltd. - X and an unaffiliated venture are the partners.

     Royal Executive Park I held an equity investment in commercial real
estate property in the City of Rye Brook, New York.  Business activities
consisted of rentals to a variety of commercial companies, and the ultimate
sale or disposition of such real estate.

     The Royal Executive Park I office building was classified as held for
sale as of December 31, 1996 and, therefore, has not been subject to
continued depreciation beyond that date.

     On December 19, 1997, the Venture sold the land and related
improvements of the Royal Executive Park I office complex for $37,000,000.
A description of the sale of the property is contained in the Notes of the
financial statements of JMB Income-X.  Such notes are incorporated herein
by reference.

     The accounting policies of the Venture are the same as those of the
Partnership.  Accordingly, reference is made to the Notes to the
Partnership's financial statements filed with this annual report.  Such
notes are incorporated herein by reference.


VENTURE AGREEMENTS

     A description of the Venture agreement and the management agreement is
contained in the Notes to Consolidated Financial Statements of the
Partnership for the year ended December 31, 1997.  Such note is
incorporated herein by reference.

     The Venture has determined that one of the property's underground
storage tanks had discharged an amount of fuel oil into the ground.  The
Venture believes that such discharge had been the result of normal
operations of the property and not the result of actions of tenants or
other third parties.  The Venture has received a cost estimate of
approximately $200,000 for remediation of the contaminated soil, of which
approximately $87,000 was incurred through the date of sale.  As part of
the sale agreement, the purchaser is required to hold the Venture harmless
for any future clean-up costs or claims resulting from the contaminated
soil.

TRANSACTIONS WITH AFFILIATES

     The property was managed by an affiliate of the joint venture partner
under an agreement which provided for fees equal to 2% of the base rent
paid by tenants.  Effective July 1, 1994, an affiliate of the General
Partner of the Partnership assumed the property management responsibilities
for the joint venture on essentially the same terms.  In addition,
effective July 1, 1994, the same affiliate of the General Partner assumed
certain leasing responsibilities for the property.  In December 1994, such
affiliate further assigned such property management and leasing
responsibilities to an unaffiliated third party.



<PAGE>


ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
         AND FINANCIAL DISCLOSURE

     There were no changes of or disagreements with, auditors during fiscal
year 1997 and 1996.



                               PART III

ITEM 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE PARTNERSHIP

     The Managing General Partner of the Partnership is JMB Realty
Corporation ("JMB"), a Delaware corporation.  Substantially all of the
outstanding stock is owned, directly or indirectly, by certain of its
officers, directors and members of their families and affiliates.  JMB has
responsibility for all aspects of the Partnership's operations, subject to
the requirement that sales of real property must be approved by the
Associate General Partner of the Partnership, Income Associates-X, an
Illinois limited partnership with ABPP Associates, L.P. as its sole general
partner.  ABPP Associates, L.P. is an Illinois limited partnership with JMB
as its general partner.  The limited partners of the Associate General
Partner are generally officers, directors and affiliates of JMB or its
affiliates.  The Partnership is subject to certain conflicts of interest
arising out of its relationships with the General Partners and their
affiliates as well as the fact that the General Partners and their
affiliates are engaged in a range of real estate activities.  Certain
services have been and may in the future be provided to the Partnership or
its investment properties by affiliates of the General Partners, including
property management services and insurance brokerage services.  In general,
such services are to be provided on terms no less favorable to the
Partnership than could be obtained from independent third parties and are
otherwise subject to conditions and restrictions contained in the
Partnership Agreement.  The Partnership Agreement permits the General
Partners and their affiliates to provide services to, and otherwise deal
and do business with, persons who may be engaged in transactions with the
Partnership, and permits the Partnership to borrow from, purchase goods and
services from, and otherwise to do business with, persons doing business
with the General Partners or their affiliates.  The General Partners and
their affiliates may be in competition with the Partnership under certain
circumstances, including, in certain geographical markets, for tenants
and/or for the sale of property.  Because the timing and amount of cash
distributions and profits and losses of the Partnership may be affected by
various determinations by the General Partners under the Partnership
Agreement, including whether and when to sell a property, the establishment
and maintenance of reasonable reserves, the timing of expenditures and the
allocation of certain tax items under the Partnership Agreement, the
General Partners may have a conflict of interest with respect to such
determinations.

     The names, positions held and length of service therein of each
director and the executive and certain other officers of the Managing
General Partner of the Partnership are as follows at December 31, 1997:



<PAGE>


                                                        SERVED IN
NAME                      OFFICE                        OFFICE SINCE
----                      ------                        ------------

Judd D. Malkin            Chairman                      5/03/71
                          Director                      5/03/71
                          Chief Financial Officer       2/22/96
Neil G. Bluhm             President                     5/03/71
                          Director                      5/03/71
Burton E. Glazov          Director                      7/01/71
Stuart C. Nathan          Executive Vice President      5/08/79
                          Director                      3/14/73
A. Lee Sacks              Director                      5/09/88
John G. Schreiber         Director                      3/14/73
H. Rigel Barber           Chief Executive Officer       8/01/93
                          Executive Vice President      1/02/87
Glenn E. Emig             Executive Vice President      1/01/93
                          Chief Operating Officer       1/01/95
Gary Nickele              Executive Vice President      1/01/92
                          General Counsel               2/17/84
Gailen J. Hull            Senior Vice President         6/01/88
Howard Kogen              Senior Vice President         1/02/86
                          Treasurer                     1/01/91

     There is no family relationship among any of the foregoing directors
or officers.  The foregoing directors have been elected to serve a one-year
term until the annual meeting of the Managing General Partner to be held on
June 3, 1998.  All of the foregoing officers have been elected to serve
one-year terms until the first meeting of the Board of Directors held after
the annual meeting of the Managing General Partner to be held on June 3,
1998.  There are no arrangements or understandings between or among any of
said directors or officers and any other person pursuant to which any
director or officer was elected as such.

     JMB is the corporate general partner of Carlyle Real Estate Limited
Partnership-VII ("Carlyle-VII"), Carlyle Real Estate Limited Partnership-XI
("Carlyle-XI"), Carlyle Real Estate Limited Partnership-XII
("Carlyle-XII"), Carlyle Real Estate Limited Partnership-XIII
("Carlyle-XIII"), Carlyle Real Estate Limited Partnership-XIV ("Carlyle-
-XIV"), Carlyle Real Estate Limited Partnership-XV ("Carlyle-XV"), Carlyle
Real Estate Limited Partnership-XVI ("Carlyle-XVI"), Carlyle Real Estate
Limited Partnership-XVII ("Carlyle-XVII"), JMB Mortgage Partners, Ltd.-III
("Mortgage Partners-III"), JMB Mortgage Partners, Ltd.-IV ("Mortgage
Partners-IV"), Carlyle Income Plus, Ltd. ("Carlyle Income Plus") and
Carlyle Income Plus, L.P.-II ("Carlyle Income Plus-II") and the managing
general partner of JMB Income Properties, Ltd.-IV ("JMB Income-IV"), JMB
Income Properties, Ltd.-V ("JMB Income-V"), JMB Income Properties, Ltd.-VII
("JMB Income-VII"), JMB Income Properties, Ltd.-XI ("JMB Income-XI"), JMB
Income Properties, Ltd.-XII ("JMB Income-XII"), and JMB Income Properties
Ltd.-XIII ("JMB Income-XIII").  JMB is also the sole general partner of the
associate general partner of most of the foregoing partnerships.  Most of
the foregoing directors and officers are also officers and/or directors of
various affiliated companies of JMB including Arvida/JMB Managers, Inc.
(the general partner of Arvida/JMB Partners, L.P. ("Arvida")) and Income
Growth Managers, Inc. (the corporate general partner of IDS/JMB Balanced
Income Growth, Ltd. ("IDS/BIG")).  Most of such directors and officers are
also partners, directly or indirectly, of certain partnerships which are
associate general partners in the following real estate limited
partnerships:  the Partnership, Carlyle-VII, Carlyle-XI, Carlyle-XII,
Carlyle-XIII, Carlyle-XIV, Carlyle-XV, Carlyle-XVI, Carlyle-XVII, JMB
Income-VII, JMB Income-XI, JMB Income-XII, JMB Income-XIII, Mortgage
Partners-III, Mortgage Partners-IV, Carlyle Income Plus, Carlyle Income
Plus-II and IDS/BIG.



<PAGE>


     The business experience during the past five years of each such
director and officer of the Managing General Partner of the Partnership in
addition to that described above is as follows:

     Judd D. Malkin (age 60) is an individual general partner of JMB
Income-IV and JMB Income-V.  Mr. Malkin has been associated with JMB since
October, 1969.  Mr. Malkin is also a director of Urban Shopping Centers,
Inc. ("USC, Inc."), an affiliate of JMB that is a real estate investment
trust in the business of owning, managing and developing shopping centers.
He is a Certified Public Accountant.

     Neil G. Bluhm (age 60) is an individual general partner of JMB
Income-IV and JMB Income-V.  Mr. Bluhm has been associated with JMB since
August, 1970.  Mr. Bluhm is also a principal of Walton Street Real Estate
Fund I, L.P. and a director of USC, Inc.  He is a member of the Bar of the
State of Illinois and a Certified Public Accountant.

     Burton E. Glazov (age 59) has been associated with JMB since June,
1971 and served as an Executive Vice President of JMB until December 1990.
He is a member of the Bar of the State of Illinois and a Certified Public
Accountant.

     Stuart C. Nathan (age 56) has been associated with JMB since July,
1972.  He is a member of the Bar of the State of Illinois.

     A. Lee Sacks (age 64) has been associated with JMB since December,
1972.  He is also President and a director of JMB Insurance Agency, Inc.

     John G. Schreiber (age 51) has been associated with JMB since
December, 1970 and served as an Executive Vice President of JMB until
December 1990.  Mr. Schreiber is President of Schreiber Investments, Inc.,
a company which is engaged in the real estate investing business.  He is
also a senior advisor and partner of Blackstone Real Estate Advisors L.P.,
an affiliate of the Blackstone Group, L.P.  In addition, Mr. Schreiber is a
director of USC, Inc., a trustee of Amli Residential Property Trust and a
director of a number of investment companies advised or managed by T. Rowe
Price Associates and its affiliates.  He holds a Masters degree in Business
Administration from Harvard University Graduate School of Business.

     H. Rigel Barber (age 48) has been associated with JMB since March,
1982. He holds a J.D. degree from the Northwestern Law School and is a
member of the Bar of the State of Illinois.

     Glenn E. Emig (age 50) has been associated with JMB since December
1979.  Prior to becoming Executive Vice President of JMB in 1993, Mr. Emig
was Executive Vice President and Treasurer of JMB Institutional Realty
Corporation.  He holds a Masters degree in Business Administration from the
Harvard University Graduate School of Business and is a Certified Public
Accountant.

     Gary Nickele (age 45) has been associated with JMB since February,
1984.  He holds a J.D. degree from the University of Michigan Law School
and is a member of the Bar of the State of Illinois.

     Gailen J. Hull (age 49) has been associated with JMB since March,
1982.  He holds a Masters degree in Business Administration from Northern
Illinois University and is a Certified Public Accountant.

     Howard Kogen (age 62) has been associated with JMB since March, 1973.
He is a Certified Public Accountant.




<PAGE>


ITEM 11.  EXECUTIVE COMPENSATION

     The Partnership has no officers or directors.  The General Partners of
the Partnership are entitled to receive a share of cash distributions, when
and as cash distributions are made to the Limited Partners, and a share of
profits or losses.  Reference is made to the Notes for a description of
such transactions, distributions and allocations.  In 1997, 1996 and 1995,
no cash distributions were paid to the General Partners.

     Affiliates of the Managing General Partner provided property
management services to the Partnership in 1997 for the North Hills Mall in
North Richland, Texas.  Fees are calculated at 4% of fixed and percentage
rents from North Hills Mall.  In 1997, such affiliate earned property
management and leasing fees amounting to $113,526, of which all was paid as
of December 31, 1997.  As set forth in the Prospectus of the Partnership,
the Managing General Partner must negotiate such agreements on terms no
less favorable to the Partnership than those customarily charged for
similar services in the relevant geographical area (but in no event at
rates greater than 6% of the gross receipts from a property), and such
agreements must be terminable by either party thereto, without penalty,
upon 60 days' notice.

     JMB Insurance Agency, Inc., an affiliate of the Managing General
Partner, earned and received insurance brokerage commissions in 1997
aggregating $11,351 in connection with the provision of insurance coverage
for certain of the real property investments of the Partnership.  Such
commissions are at rates set by insurance companies for the classes of
coverage provided.

     The General Partners of the Partnership or their affiliates may be
reimbursed for their direct expenses or out-of-pocket expenses and salaries
relating to the administration of the partnership and operation of the
Partnership's real property investments.  In 1997, the Managing General
Partner incurred such out-of-pocket expenses and salaries in the amount of
$114,257 of which $85,468 was paid at December 31, 1997.

     The Partnership is permitted to engaged in various transactions
involving affiliates of the Managing General Partner of the Partnership, as
described in Item 10 and Exhibit 21 hereto.



<PAGE>


<TABLE>
<CAPTION>

ITEM 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

     (a)  No person or group is known by the Partnership to own beneficially more than 5% of the outstanding
Interests of the Partnership.

     (b)  The Managing General Partner, its officers and directors and the Associate General Partner own the
following Interests of the Partnership:

                                   NAME OF                             AMOUNT AND NATURE
                                  BENEFICIAL                              OF BENEFICIAL    PERCENT
TITLE OF CLASS                      OWNER                                  OWNERSHIP       OF CLASS
--------------                    ----------                           -----------------   --------
<S>                               <C>                                  <C>                 <C>

Limited Partnership               JMB Realty Corporation               5 Interests         Less than 1%
    Interests                                                          directly

Limited Partnership               Managing General Partner,            5 Interests         Less than 1%
    Interests                     its officers and directors           directly
                                  and the Associate General
                                  Partner as a group

<FN>
     No officer or directors of the Managing General Partner of the Partnership possesses a right to acquire
beneficial ownership of Interests of the Partnership.

     Reference is made to Item 10 for information concerning ownership of the Corporate General Partner.

     (c)  There exists no arrangements, known to the Partnership, the operations of which may at a subsequent date
result in a change in control of the Partnership.


</TABLE>


<PAGE>


ITEM 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     There were no significant transactions or business relationships with
the Managing General Partner, affiliates or their management other than
those described in Items 10 and 11 above.



                                PART IV


ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

     (a) The following documents are filed as part of this report:

       1.  Financial Statements and Supplementary Data (See
Index to Financial Statements filed with this annual report)

       2.  Exhibits.

           3-A.* The Prospectus of the Partnership dated June 29, 1983 as
supplemented September 12, 1983 and October 21, 1983, as filed with the
Commission pursuant to Rules 424(b) and 424(c), is hereby incorporated
herein by reference.  Copies of pages 8-12, 57-59 and A-7 to A-11 are
hereby incorporated herein by reference.

           3-B.* Amended and Restated Agreement of Limited Partnership
set forth as Exhibit A to the Prospectus, which agreement is hereby
incorporated herein by reference.

           3-C.  Acknowledgement of rights and duties of the General
Partners of the Partnership between ABPP Associates, L.P. (a successor
Associated General Partner of the Partnership) and JMB Realty Corporation
as of December 31, 1995 is hereby incorporated by reference to the
Partnership's Report on Form 10Q/A (File No. 0-12140) dated November 25,
1996.

           4-A.  Document relating to the mortgage loan secured by the
North Hills Mall in North Richland Hills, Texas, is hereby incorporated by
reference to the Partnership's Report on Form 10-K (File No. 0-12432) dated
December 31, 1995.

           10-A. Acquisition documents relating to the purchase by the
Partnership of an interest in the 40 Broad Street office building in New
York, New York are hereby incorporated by reference to the Partnership's
Report on Form 8-K (File No. 0-12432) dated December 31, 1985.

           10-B. Acquisition documents relating to the purchase by the
Partnership of an interest in the Royal Executive Park office complex in
Rye Brook, New York are hereby incorporated by reference to the
Partnership's Report on Form 8-K (File No. 0-12432) dated December 30,
1983.

           10-C. Acquisition documents relating to the purchase by the
Partnership of the North Hills Mall in North Richland Hills, Texas are
hereby incorporated by reference to the Partnership's Registration
Statement on Post-Effective Amendment No. 2 to Form S-11 (File No. 2-83599)
dated June 29, 1983.



<PAGE>


           10-D. Sale documents relating to the sale of the Collin Creek
Mall in Plano, Texas are hereby incorporated by reference to the
Partnership's report on Form 8-K (File No. 0-12140) dated January 13, 1995.

           10-E. Sale documents relating to the sale of the Animas Valley
Mall and a related land outparcel sale in Farmington, New Mexico are hereby
incorporated by reference to the Partnership's report on Form 8-K (File No.
0-12140) dated July 14, 1995.

           10-F. Documents describing the transferred title of the
Partnership's interest in the Pasadena Town Square Shopping Center are
hereby incorporated by reference to the Partnership's report for September
30, 1995 on Form 10-Q (File No. 0-12140) dated November 9, 1995.

           10-G. Sale documents relating to the sale of the 40 Broad
Street office building in New York, New York are hereby incorporated by
reference to the Partnership's report for December 30, 1997 on Form 8-K
(File No. 0-12140) dated February 27, 1998.

           10-H. Sale-Purchase Agreement with exhibits dated December 5,
1997 relating to the sale of the Royal Executive Park office complex in Rye
Brook, New York between Royal Executive Park I, Royal Executive Park II,
Royal Executive Park III and Reckson Operating Partnership, L.P. are filed
herewith.

           21.   List of Subsidiaries.

           24.   Powers of Attorney.

           27.   Financial Data Schedule.

       ___________

       *   Previously filed as Exhibits 3-A and 3-B, respectively, to the
Partnership's Report for December 31, 1992 on Form 10-K (File No. 0-12432)
dated March 19, 1993.

           (b)   The following Report on Form 8-K was filed since the
beginning of the last quarter of the period covered by this report.

                 The Partnership's Report on Form 8-K (File No. 0-12140)
for December 30, 1997 dated February 27, 1998 describing the sale of the 40
Broad Street office building was filed.

     No annual report or proxy material for the fiscal year 1997 has been
sent to the Partners of the Partnership.  An annual report will be sent to
the Partners subsequent to this filing.



<PAGE>


                              SIGNATURES

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

                JMB INCOME PROPERTIES, LTD. - X

                By:     JMB Realty Corporation
                        Managing General Partner


                        GAILEN J. HULL
                By:     Gailen J. Hull
                        Senior Vice President
                Date:   March 25, 1998

     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 capacities and on the dates indicated.

                By:     JMB Realty Corporation
                        Managing General Partner

                        JUDD D. MALKIN*
                By:     Judd D. Malkin, Chairman and
                        Chief Financial Officer
                Date:   March 25, 1998

                        NEIL G. BLUHM*
                By:     Neil G. Bluhm, President and Director
                Date:   March 25, 1998

                        H. RIGEL BARBER*
                By:     H. Rigel Barber, Chief Executive Officer
                Date:   March 25, 1998

                        GLENN E. EMIG*
                By:     Glenn E. Emig, Chief Operating Officer
                Date:   March 25, 1998


                        GAILEN J. HULL
                By:     Gailen J. Hull, Senior Vice President
                        Principal Accounting Officer
                Date:   March 25, 1998

                        A. LEE SACKS*
                By:     A. Lee Sacks, Director
                Date:   March 25, 1998

                By:     STUART C. NATHAN*
                        Stuart C. Nathan, Executive Vice President
                          and Director
                Date:   March 25, 1998


                *By:    GAILEN J. HULL, Pursuant to a Power of Attorney


                        GAILEN J. HULL
                By:     Gailen J. Hull, Attorney-in-Fact
                Date:   March 25, 1998


<PAGE>


                             EXHIBIT INDEX



                                            DOCUMENT
                                          INCORPORATED
                                          BY REFERENCE            Page
                                          ------------            ----
3-A.    Pages 8-12, 57-59 and A-7 to
        A-11 of the Prospectus of the
        Partnership dated June 29, 1983,
        as supplemented September 12,
        1983 and October 21, 1983                Yes                --

3-B.    Amended and Restated Agreement of
        Limited Partnership                      Yes                --

3-C.    Acknowledgement of rights and
        duties of the General Partners of
        the Partnership                          Yes                --

4-A.    Mortgage loan documents related
        to North Hills Mall                      Yes                --

10-A.   Acquisition documents related to
        the 40 Broad Street office building      Yes                --

10-B.   Acquisition documents related to
        the Royal Executive Park office
        complex                                  Yes                --

10-C.   Acquisition documents related to
        the North Hills Mall                     Yes                --

10-D.   Sale documents related to the
        Collin Creek Mall                        Yes                --

10-E.   Sale documents related to the
        Animas Valley Mall                       Yes                --

10-F.   Documents describing the
        transferred title of the
        Partnership's interest in the
        Pasadena Town Square Shopping
        Center                                   Yes

10-G.   Sale documents related to
        the 40 Broad Street office
        building                                 Yes                --

10-H.   Purchase-Sale Agreement related to
        the Royal Executive Park
        office complex                           No                 --

21.     List of Subsidiaries                     No

24.     Powers of Attorney                       No

27.     Financial Data Schedule                  No