content: SECURITIES AND EXCHANGE COMMISSION
  
                               Washington, D.C. 20549
  
                                      FORM 8-K
  
                                   CURRENT REPORT
  
       Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  
  
          Date of Report (Date of earliest event reported): October 5, 2005
                                                            ---------------
  
                         ATEL Capital Equipment Fund X, LLC
  --------------------------------------------------------------------------------
               (Exact name of registrant as specified in its charter)
  
  
            California                000-50687                    68-0517690
  --------------------------------------------------------------------------------
  (State or other jurisdiction       (Commission                  (IRS Employer
       of incorporation)             File Number)              Identification No.)
  
  
       600 California Street, 6th Floor, San Francisco, California 94108-2733
  --------------------------------------------------------------------------------
                 (Address of principal executive offices) (Zip Code)
  
  
         Registrant's telephone number, including area code: (415) 989-8800
                                                             --------------
  
                                         N/A
      -------------------------------------------------------------------------
            (Former name or former address, if changed since last report)
  
  
  
  
  <PAGE>
  
  Item 2.02  Results of Operation and Financial Condition
  
  The  registrant  is  currently  assessing  the  need to  restate  financial
  statements  for the years ended  December 31, 2004 and 2003, and the first two
  fiscal  quarters of 2005, as described in more detail  under Item 4.02 below,
  which is incorporated herein by reference.
  
  Item 4.02   Non-Reliance on Previously Issued Financial Statements or a Related
  Audit Report or Completed Interim Review.
  
  On October 5, 2005, the  registrant's  manager  determined that the methods
  used to accumulate and amortize the initial  direct costs  ("IDCs")  incurred in
  acquiring its portfolio of leases were not in accordance with generally accepted
  accounting  principles ("GAAP"). The registrant's manager is in the process of
  analyzing  the potential impact of changing the methods used to accumulate  and
  amortize the IDC's incurred. The registrant's manager, including the officers of
  the manager  acting as the  registrant's  audit committee, have  discussed the
  matters in this  report and will continue to discuss  this  matter  with its
  registered public  accounting firm. Accordingly,  the  registrant's  financial
  statements for the years ended  December  31, 2004 and 2003,  and the first two
  fiscal quarters of 2005 should no longer be relied upon.
  
  If the  registrant  deems any resulting  difference in previously reported
  information  to be material to its financial statements, the  registrant  will
  prepare and file an amended annual report on Form 10-K with  restated  audited
  financial  statements  and amended  Management  Discussion  and Analysis for the
  years  ended December 31, 2004 and  2003,  with  footnote  disclosure  on the
  cumulative  changes to prior years, as well as amended quarterly reports on Form
  10-Q for the first two fiscal quarters of 2005. The registrant anticipates that
  it will complete its analysis and file any required amended  reports  within 45
  days from the date of this report.
  
  The registrant has historically calculated its amortization of IDCs over a
  period of 60 months which it estimated to  approximate the average of the lease
  terms in its portfolio of equipment lease  investments. Statement of Financial
  Accounting  Standards  No. 13 - "Accounting for Leases" requires that the IDCs
  incurred in connection with each lease be determined and amortized on a lease by
  lease basis, with respect to operating leases, and using an effective  interest
  rate  method,  with  respect to direct financing leases. The registrant  has
  previously  determined  that the impact of changing  the method used to amortize
  the IDC's,  was less than .05% of total assets and .05% of members' equity for
  any one year; and results in a minimum decrease in net income of approximately
  $19,000 and a maximum  decrease in net income of  approximately  $31,000 for any
  one year. The above  calculations  indicating the change in method of amortizing
  the IDC costs exclude the impact of changes in the cost  accumulated  if any, as
  discussed below.
  
  In addition to the change in  amortization  methodology,  the  registrant's
  manager is reviewing and analyzing its procedures, methods and documentation for
  calculating those costs which may  appropriately be  characterized, capitalized
  and  amortized as IDCs,  and those which must instead be recognized as expenses
  for the periods in which they are incurred, and its methods for allocating IDCs
  and  expenses  incurred by the manager and its affiliates  in connection  with
  portfolio  acquisition  activities. If any amounts previously  characterized as
  IDCs are instead  recharacterized as expenses, it would result in a reduction in
  net  income (or  increase in net loss) during  the period the  recharacterized
  expense was incurred, and a corresponding  increase in net income (or reduction
  in net  loss)  during any subsequent period  during which  the  expense  had
  previously been amortized. In other words, any change in the characterization of
  certain  expenditures as expenses rather than IDCs to be capitalized will result
  in a shift in the timing of the  registrant's  recognition  of the impact of the
  cost incurred on its net income or loss. If the registrant determines  that any
  recharacterization  of costs as IDCs or expenses or any  reallocation  of such
  costs would result in a material change to its  previously  reported  financial
  statements it will adjust the financial statements accordingly.
  
  
  
  <PAGE>
  
  
  
  
  
  
  SIGNATURES
  
  Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
  registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
  undersigned thereunto duly authorized.
  
  Dated:   October 11, 2005
  
                             ATEL Cash Distribution Fund X, LLC
                             By ATEL Financial Services, LLC,
                             Manager of Registrant
  
                                   By:  /s/ Paritosh K, Choksi
                                        ----------------------------------
                                        Paritosh K. Choksi, Executive Vice
                                        President, Chief Financial Officer and
                                        Chief Operating Officer
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metadata_filer: {"company-data": {"conformed-name": "ATEL CAPITAL EQUIPMENT FUND X LLC", "cik": "0001186258", "assigned-sic": "7359", "irs-number": "680517690", "state-of-incorporation": "CA", "fiscal-year-end": "0831"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-50687", "film-number": "051133050"}, "business-address": {"street1": "600 CALIFORNIA ST", "street2": "6TH FLOOR", "city": "SAN FRANCISCO", "state": "CA", "zip": "94108", "phone": "4159898800"}, "mail-address": {"street1": "600 CALIFORNIA ST", "street2": "6TH FLOOR", "city": "SAN FRANCISCO", "state": "CA", "zip": "94108"}}
text: SECURITIES AND EXCHANGE COMMISSION
  
                               Washington, D.C. 20549
  
                                      FORM 8-K
  
                                   CURRENT REPORT
  
       Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  
          Date of Report (Date of earliest event reported): October 5, 2005
                                                            ---------------
  
                         ATEL Capital Equipment Fund X, LLC
  --------------------------------------------------------------------------------
               (Exact name of registrant as specified in its charter)
  
            California                000-50687                    68-0517690
  --------------------------------------------------------------------------------
  (State or other jurisdiction       (Commission                  (IRS Employer
       of incorporation)             File Number)              Identification No.)
  
       600 California Street, 6th Floor, San Francisco, California 94108-2733
  --------------------------------------------------------------------------------
                 (Address of principal executive offices) (Zip Code)
  
         Registrant's telephone number, including area code: (415) 989-8800
                                                             --------------
  
                                         N/A
      -------------------------------------------------------------------------
            (Former name or former address, if changed since last report)
  Item 2.02  Results of Operation and Financial Condition
  
  The  registrant  is  currently  assessing  the  need to  restate  financial
  statements  for the years ended  December 31, 2004 and 2003, and the first two
  fiscal  quarters of 2005, as described in more detail  under Item 4.02 below,
  which is incorporated herein by reference.
  
  Item 4.02   Non-Reliance on Previously Issued Financial Statements or a Related
  Audit Report or Completed Interim Review.
  
  On October 5, 2005, the  registrant's  manager  determined that the methods
  used to accumulate and amortize the initial  direct costs  ("IDCs")  incurred in
  acquiring its portfolio of leases were not in accordance with generally accepted
  accounting  principles ("GAAP"). The registrant's manager is in the process of
  analyzing  the potential impact of changing the methods used to accumulate  and
  amortize the IDC's incurred. The registrant's manager, including the officers of
  the manager  acting as the  registrant's  audit committee, have  discussed the
  matters in this  report and will continue to discuss  this  matter  with its
  registered public  accounting firm. Accordingly,  the  registrant's  financial
  statements for the years ended  December  31, 2004 and 2003,  and the first two
  fiscal quarters of 2005 should no longer be relied upon.
  
  If the  registrant  deems any resulting  difference in previously reported
  information  to be material to its financial statements, the  registrant  will
  prepare and file an amended annual report on Form 10-K with  restated  audited
  financial  statements  and amended  Management  Discussion  and Analysis for the
  years  ended December 31, 2004 and  2003,  with  footnote  disclosure  on the
  cumulative  changes to prior years, as well as amended quarterly reports on Form
  10-Q for the first two fiscal quarters of 2005. The registrant anticipates that
  it will complete its analysis and file any required amended  reports  within 45
  days from the date of this report.
  
  The registrant has historically calculated its amortization of IDCs over a
  period of 60 months which it estimated to  approximate the average of the lease
  terms in its portfolio of equipment lease  investments. Statement of Financial
  Accounting  Standards  No. 13 - "Accounting for Leases" requires that the IDCs
  incurred in connection with each lease be determined and amortized on a lease by
  lease basis, with respect to operating leases, and using an effective  interest
  rate  method,  with  respect to direct financing leases. The registrant  has
  previously  determined  that the impact of changing  the method used to amortize
  the IDC's,  was less than .05% of total assets and .05% of members' equity for
  any one year; and results in a minimum decrease in net income of approximately
  $19,000 and a maximum  decrease in net income of  approximately  $31,000 for any
  one year. The above  calculations  indicating the change in method of amortizing
  the IDC costs exclude the impact of changes in the cost  accumulated  if any, as
  discussed below.
  
  In addition to the change in  amortization  methodology,  the  registrant's
  manager is reviewing and analyzing its procedures, methods and documentation for
  calculating those costs which may  appropriately be  characterized, capitalized
  and  amortized as IDCs,  and those which must instead be recognized as expenses
  for the periods in which they are incurred, and its methods for allocating IDCs
  and  expenses  incurred by the manager and its affiliates  in connection  with
  portfolio  acquisition  activities. If any amounts previously  characterized as
  IDCs are instead  recharacterized as expenses, it would result in a reduction in
  net  income (or  increase in net loss) during  the period the  recharacterized
  expense was incurred, and a corresponding  increase in net income (or reduction
  in net  loss)  during any subsequent period  during which  the  expense  had
  previously been amortized. In other words, any change in the characterization of
  certain  expenditures as expenses rather than IDCs to be capitalized will result
  in a shift in the timing of the  registrant's  recognition  of the impact of the
  cost incurred on its net income or loss. If the registrant determines  that any
  recharacterization  of costs as IDCs or expenses or any  reallocation  of such
  costs would result in a material change to its  previously  reported  financial
  statements it will adjust the financial statements accordingly.
  SIGNATURES
  
  Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
  registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
  undersigned thereunto duly authorized.
  
  Dated:   October 11, 2005
  
                             ATEL Cash Distribution Fund X, LLC
                             By ATEL Financial Services, LLC,
                             Manager of Registrant
  
                                   By:  /s/ Paritosh K, Choksi
                                        ----------------------------------
                                        Paritosh K. Choksi, Executive Vice
                                        President, Chief Financial Officer and
                                        Chief Operating Officer