SECURITIES AND EXCHANGE COMMISSION
                        WASHINGTON, D.C. 20549
                              FORM 10-K

/X/ Annual report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 (Fee Required)

For the year ended December 31, 1996

/ / Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 (Fee Required)

For the transition period from _______________ to ______________

Commission file number 0-17658

                 Fidelity Leasing Income Fund V, L.P.
_________________________________________________________________
        (Exact name of registrant as specified in its charter)

        Delaware                            23-2496362
_________________________________________________________________
(State of Organization)      (I.R.S. Employer Identification No.)

7 E. Skippack Pike, Suite 275, Ambler, Pennsylvania       19002
_________________________________________________________________
     (Address of principal executive offices)          (Zip Code)

                            (215) 619-2800
_________________________________________________________________
         (Registrant's telephone number, including area code)

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

                                            Name of Each Exchange
         Title of Each Class                 on Which Registered

               None                             Not applicable

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 Sections 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_____

The number of outstanding limited partnership units of the
Registrant at December 31, 1996 is 76,137.

There is no public market for these securities.

The index of Exhibits is located on page 10.

                                   1




PART I

Item 1.  BUSINESS

     Fidelity Leasing Income Fund V, L.P. (the "Fund"), a
Delaware limited partnership, was organized in 1988 and acquires
equipment, primarily computer peripheral equipment, including
printers, tape and disk storage devices, data communications
equipment, computer terminals, technical workstations as well as
networking equipment, which is leased to third parties on a
short-term basis.  The Fund's principal objective is to generate
leasing revenues for distribution.  The Fund manages the
equipment, releasing or disposing of equipment as it comes off
lease in order to achieve its principal objective.  The Fund will
not borrow funds to purchase equipment.

     The Fund generally acquires equipment subject to a lease.
Purchases of equipment for lease are typically made through
equipment leasing brokers, under a sale-leaseback arrangement
directly from lessees owning equipment, from the manufacturer
either pursuant to a purchase agreement relating to significant
quantities of equipment or on an ad hoc basis to meet the needs
of a particular lessee.

     The equipment leasing industry is highly competitive.  The
Fund competes with leasing companies, equipment manufacturers and
distributors, and entities similar to the Fund (including similar
programs sponsored by the General Partner), some of which have
greater financial resources than the Fund and more experience in
the equipment leasing business than the General Partner.  Other
leasing companies and equipment manufacturers and distributors
may be in a position to offer equipment to prospective lessees on
financial terms which are more favorable than those which the
Fund can offer.  They may also be in a position to offer trade-
in-privileges, maintenance contracts and other services which the
Fund may not be able to offer.  Equipment manufacturers and
distributors may offer to sell equipment on terms and conditions
(such as liberal financing terms and exchange privileges) which
will afford benefits to the purchaser similar to those obtained
through leases.  As a result of the advantages which certain of
its competitors may have, the Fund may find it necessary to lease
its equipment on a less favorable basis than certain of its
competitors.

     The computer equipment industry is extremely competitive as
well.  Competitive factors include pricing, technological
innovation and methods of financing.  Certain manufacturer-
lessors maintain advantages through patent protection, where
applicable, and through product protection by the use of a policy
which combines service and hardware benefits with payment for
such benefits accomplished through a single periodic charge.

     A brief description of the types of equipment in which the
Fund has invested as of December 31, 1996, together with
information concerning the users of such equipment is contained
in Item 2, following.

     The Fund does not have any employees.  All persons who work
on the Fund are employees of the General Partner.

                                    2


Item 2.  PROPERTIES

     The following schedules detail the type and aggregate
purchase price of the various types of equipment acquired and
leased by the Fund as of December 31, 1996, along with the
percentage of total equipment represented by each type of
equipment, a breakdown of equipment usage by industrial
classification and the average initial term of leases:

                               Purchase Price       Percentage of
Type of Equipment Acquired      of Equipment       Total Equipment

Communication Controllers         $ 1,918,835            14.99%
Disk Storage Systems                3,410,191            26.65
Network Communications                655,433             5.12
Personal Computers, Terminals
  and Display Stations              5,386,937            42.10
Printers                              515,822             4.03
Tape Storage Systems                  106,322              .83
Other                                 803,285             6.28
                                  ___________           ______
Totals                            $12,796,825           100.00%
                                  ===========           ======


                      Breakdown of Equipment Usage
                      By Industrial Classification


                                  Purchase Price      Percentage of
Type of Business                   of Equipment      Total Equipment

Computers/Data Processing          $ 1,248,912             9.76%
Diversified Financial/Banking/
  Insurance                          3,380,342            26.42
Manufacturing/Refining               3,513,720            27.46
Publishing/Printing                     21,012              .16
Retailing/Consumer Goods               825,665             6.45
Telephone/Telecommunications         3,413,660            26.68
Broadcasting/Entertainment             393,514             3.07
                                   ___________           ______
Totals                             $12,796,825           100.00%
                                   ===========           ======

Average Initial Term of Leases (in months): 32

     All of the above equipment is currently leased under operating
leases.


Item 3.  LEGAL PROCEEDINGS

     Not applicable.



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

     Not applicable.

                                 3
                                   PART II

Item 5.  MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED SECURITY
         HOLDER MATTERS

     (a)  The Fund's limited partnership units are not publicly
     traded.  There is no market for the Fund's limited
     partnership units and it is unlikely that any
     will develop.

     (b)  Number of Equity Security Holders:

                                                 Number of Partners
               Title of Class                  as of December 31, 1996

               Limited Partnership Interests          2,558

               General Partnership Interest               1


<TABLE>
Item 6.  SELECTED FINANCIAL DATA
         <CAPTION>

                                   For the Years Ended December 31,

                       1996         1995        1994         1993         1992
<S>                 <C>          <C>          <C>         <C>           <C>
Total Income         $4,269,938   $6,821,697   $9,380,728   $8,847,285  $10,732,480
Net Income              878,737    1,884,603    1,532,102      500,268    1,610,088
Distributions to
 Partners               960,000    6,760,990    5,530,243    8,147,849    6,103,127
Net Income per
 Equivalent Limited
 Partnership Unit         33.97        63.35        37.01         7.88        22.84
Weighted Average
 Number of Equivalent
 Limited Partnership
 Units Outstanding
 During the Year         25,610       29,077       39,545       53,295       67,837
</TABLE>
<TABLE>
                                              December 31,

                        1996        1995        1994         1993         1992
<S>                 <C>         <C>          <C>          <C>          <C>
Total Assets         $7,569,806  $ 8,096,622  $12,968,181  $17,642,200  $26,840,514
Equipment under
 Operating Leases
 and Equipment Held for
 Sale or Lease (Net)  3,909,025    4,249,271    6,568,961   12,939,283   17,507,267
Net Investment in
 Direct Financing
 Leases                 209,459      280,779      782,651      914,701         -
Limited Partnership
 Units                   76,137       78,970       79,679       83,010       88,198
Limited Partners          2,558        2,604        2,628        2,686        2,815
</TABLE>







                                     4

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

Results of Operations

     The Fund had revenues of $4,269,938, $6,821,697 and
$9,380,728 for the years ended December 31, 1996, 1995 and 1994,
respectively.  Rental income from the leasing of computer
peripheral equipment accounted for 86%, 80% and 89% of total
income in 1996, 1995 and 1994, respectively.  The decrease
in total revenues in 1996 and 1995 is primarily attributable to
the decrease in rental income.  In 1996, rental income decreased
by approximately $2,915,000 due to renewals of leases at lower
rates and lease terminations or sales of equipment.  This
decrease, however, was mitigated by an increase of approximately
$1,145,000 of rental income generated from equipment purchases
made in 1996, as well as, rental income realized on 1995
equipment purchases for which a full year of rent was earned in
1996 and only a partial year was earned in 1995.  In 1995, rental
income decreased by approximately $3,848,000 due to renewals of
leases at lower rates and lease terminations or sales of
equipment.  This decrease, however, was reduced by the increase
of approximately $977,000 because of rental income generated from
equipment purchased in 1995, as well as, rental income realized
on 1994 equipment purchases for which a full year of rent was
earned in 1995 and only a partial year was earned in 1994.  In
addition, interest income decreased in 1996 because of lower
interest rates earned on invested cash in 1996.  In 1995,
interest income increased due to higher interest rates earned on
invested cash by the Fund.  The Fund recognized a net gain on
sale of equipment of $403,111, $1,041,128 and $784,895 for the
years ended December 31, 1996, 1995 and 1994, respectively which
also accounts for the decrease in total revenues in 1996 and
reduced the overall decrease in revenues in 1995.

     Expenses were $3,391,201, $4,937,094 and $7,848,626 for the
years ended December 31, 1996, 1995 and 1994, respectively.
Depreciation expense comprised 71%, 77% and 78% of total expenses
in 1996, 1995 and 1994, respectively.  The decrease in expenses
during 1996 and 1995 was directly related to the decrease in
depreciation expense because of equipment which came off lease
and was terminated or sold. Additionally, management
fee to related party decreased in proportion to the decrease in
rental income which also accounts for the decrease in overall
expenses in 1996 and 1995.  The Fund recorded a write-down of
equipment to net realizable value of approximately $382,000,
$422,000 and $763,000 during 1996, 1995 and 1994, respectively.
Currently, the Fund's practice is to review the recoverability of
its undepreciated costs of rental equipment quarterly.  The
Fund's policy, as part of this review, is to analyze such factors
as releasing of equipment, technological developments and
information provided in third party publications.  In accordance
with Generally Accepted Accounting Principles, the Fund writes
down its rental equipment to its estimated net realizable value
when the amounts are reasonably estimated and only recognizes
gains upon actual sale of its rental equipment.  Any future
losses are dependent upon unanticipated technological
developments affecting the computer equipment industry in
subsequent years.

                                  5

Item 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULTS OF OPERATIONS (Continued)

Results of Operations (Continued)

     The Fund's net income was $878,737, $1,884,603 and
$1,532,102 for the years ended December 31, 1996, 1995 and 1994,
respectively.  The earnings per equivalent limited partnership
unit, after earnings allocated to the General Partner, were
$33.97, $63.35 and $37.01 for the years ended December 31, 1996,
1995 and 1994, respectively.  The weighted average number of
equivalent limited partnership units outstanding were 25,610,
29,077 and 39,545 for 1996, 1995 and 1994, respectively.

     The Fund generated funds from operations of $3,275,285,
$5,071,673 and $7,595,581 for the purpose of determining cash
available for distribution and declared distributions of
$870,000, $4,270,041 and $6,838,803 to partners for the years
ended December 31, 1996, 1995 and 1994, respectively.  For
financial statement purposes, the Fund records cash distributions
to partners on a cash basis in the period in which they are paid.
During the fourth quarter of 1995, the General Partner revised
its policy regarding cash distributions so that the distributions
more accurately reflect the net income of the Fund over the most
recent twelve months.

Analysis of Financial Condition

     The Fund continues to purchase computer equipment for lease
with cash available from operations and sales proceeds which are
not distributed to partners.  During the years ended December 31,
1996, 1995 and 1994, the Fund purchased $3,075,481, $3,237,087
and $1,358,457, respectively, of equipment.

     The cash position of the Fund is reviewed daily and cash is
invested on a short-term basis.

     The Fund's cash from operations is expected to continue to
be adequate to cover all operating expenses and contingencies
during the next fiscal year.


Item 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

     The response to this Item is submitted as a separate
section of the report commencing on page F-1.


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

     Not applicable.








                                 6

                             PART III


Item 10.  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

     In February 1996, the Board of Directors resolved to change
the name of the General Partner from Fidelity Leasing Corporation
to F.L. Partnership Management, Inc. (FLPMI).  F.L. Partnership
Management, Inc. is a wholly owned subsidiary of Resource Leasing,
Inc., a wholly owned subsidiary of Resource America, Inc.
The Directors and Executive Officers of FLPMI are:

     FREDDIE M. KOTEK, age 40, Chairman of the Board of Directors,
     President and Chief Executive Officer of FLPMI since
     September 1995 and Senior Vice President of Resource America,
     Inc. since 1995.  President of Resource Leasing, Inc. since
     September 1995.  Executive Vice President of Resource
     Properties, Inc. (a wholly owned subsidiary of Resource
     America, Inc.) since 1993.  First Vice President of Royal
     Alliance Associates from 1991 to 1993.  Senior Vice President
     and Chief Financial Officer of Paine Webber Properties from
     1990 to 1991.

     MICHAEL L. STAINES, age 47, Director and Secretary of FLPMI
     since September 1995 and Senior Vice President and Secretary
     of Resource America, Inc. since 1989.

     SCOTT F. SCHAEFFER, age 34, Director of FLPMI since September
     1995 and Senior Vice President of Resource America, Inc.
     since 1995.  Vice President-Real Estate of Resource America,
     Inc. and President of Resource Properties, Inc. (a wholly
     owned subsidiary of Resource America, Inc.) since 1992.
     Vice President of the Dover Group, Ltd. (a real estate
     investment company) from 1985 to 1992.

     Others:

     STEPHEN P. CASO, age 41, Vice President and General Counsel
     of FLPMI since 1992.

     MARIANNE T. SCHUSTER, age 38, Vice President and Controller
     of FLPMI since 1984.

     KRISTIN L. CHRISTMAN, age 29, Portfolio Manager of FLPMI
     since December 1995 and Equipment Brokerage Manager since
     1993.













                                 7


Item 11.  EXECUTIVE COMPENSATION

     The following table sets forth information relating to the
aggregate compensation earned by the General Partner of the Fund
during the year ended December 31, 1996:

     Name of Individual or      Capacities in
     Number in Group            Which Served      Compensation

     F.L. Partnership
     Management, Inc.          General Partner     $222,867(1)
                                                    ========
     (1)  This amount does not include the General Partner's
          share of cash distributions made to all partners.


Item 12.  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND
          MANAGEMENT

     (a)  As of December 31, 1996, there was no person or group known
     to the Fund that owned more than 5% of the Fund's outstanding
     securities either beneficially or of record.

     (b)  In 1988, the General Partner contributed $1,000 to the
     capital of the Fund but it does not own any of the Fund's
     outstanding securities.  No individual director or officer of
     F.L. Partnership Management, Inc. nor such directors or officers
     as a group, owns more than one percent of the Fund's outstanding
     securities.  The General Partner owns a general partnership
     interest which entitles it to receive 1% of cash distributions
     until the Limited Partners have received an amount equal to the
     purchase price of their Units plus a 10% cumulative compounded
     Priority Return; thereafter 10%.  The General Partner will also
     share in net income equal to the greater of its cash distribu-
     tions or 1% of net income or to the extent there are losses, 1%
     of such losses.

     (c)  There are no arrangements known to the Fund that would, at
     any subsequent date, result in a change in control of the Fund.


Item 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

     During the year ended December 31, 1996, the Fund was charged
$222,867 of management fees by the General Partner.  The General
Partner will continue to receive 6% or 3% of rental payments on
equipment under operating leases or full pay-out leases,
respectively, for administrative and management services performed on
behalf of the Fund.  Full pay-out leases are noncancellable leases
with initial lease terms in excess of 42 months for which rental
payments during the initial term are at least sufficient to recover
the purchase price of the equipment, including acquisition fees.
This management fee is paid quarterly only if and when the Limited
Partners have received distributions for the period from January 1,
1989 through the end of the most recent quarter equal to a return for
such period at a rate of 12% per year on the aggregate amount paid
for their units.




                                 8
Item 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
          (Continued)

     The General Partner also receives 1% of cash distributions
until the Limited Partners have received an amount equal to the
purchase price of their Units plus a 10% cumulative compounded
Priority Return.  Thereafter, the General Partner will receive
10% of cash distributions.  During the year ended December 31,
1996, the General Partner received $9,600 of cash distributions.

     The Fund incurred $211,769 of reimbursable costs to the
General Partner and its parent company for services and materials
provided in connection with the administration of the Fund during
1996.















































                                 9
                                PART IV

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

(a)  (1) and (2).  The response to this portion of Item 14 is
submitted as a separate section of this report commencing on page
F-1.

(a)  (3) and (c) Exhibits (numbered in accordance with Item 601
of Regulation S-K)

Exhibit Numbers           Description                Page Number

3(a) & (4)            Amended and Restated Agreement     *
                         of Limited Partnership

(9)                   not applicable

(10)                  not applicable

(11)                  not applicable

(12)                  not applicable

(13)                  not applicable

(18)                  not applicable

(19)                  not applicable

(22)                  not applicable

(23)                  not applicable

(24)                  not applicable

(25)                  not applicable

(28)                  not applicable


*  Incorporated by reference.


















                                 10



                               SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) 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.

                  FIDELITY LEASING INCOME FUND V, L.P.
                  A Delaware limited partnership

                  By:  F.L. PARTNERSHIP MANAGEMENT, INC.

                       Freddie M. Kotek
                  By:  ___________________________
                       Freddie M. Kotek, Chairman
                       and President

Dated March 26, 1997

     Pursuant to the requirements of the Securities Exchange Act
of 1934, this annual report has been signed below by the
following persons, on behalf of the Registrant and in the
capacities and on the date indicated:

Signature                  Title                               Date

Freddie M. Kotek
_________________________  Chairman of the Board of Directors  3-26-97
Freddie M. Kotek           and President of F.L. Partnership
                           Management, Inc. (Principal Executive
                           Officer)



Michael L. Staines
_________________________  Director of F.L. Partnership        3-26-97
Michael L. Staines         Management, Inc.



Marianne T. Schuster
__________________________ Vice President and Controller       3-26-97
Marianne T. Schuster       of F.L. Partnership Management,
                           Inc. (Principal Financial Officer)















                                 11


               INDEX TO FINANCIAL STATEMENTS AND SCHEDULES

                                                          Pages

Report of Independent Certified Public Accountants        F-2

Balance Sheets as of December 31, 1996 and 1995           F-3

Statements of Operations for the years ended              F-4
     December 31, 1996, 1995 and 1994

Statements of Partners' Capital for the years             F-5
     ended December 31, 1996, 1995 and 1994

Statements of Cash Flows for the years ended              F-6
     December 31, 1996, 1995 and 1994

Notes to Financial Statements                             F-7 - F-12














All schedules have been omitted because the required information is
not applicable or is included in the Financial Statements or Notes
thereto.

























                                  F-1


Report of Independent Certified Public Accountants


The Partners
Fidelity Leasing Income Fund V, L.P.


     We have audited the accompanying balance sheets of Fidelity
Leasing Income Fund V, L.P. as of December 31, 1996 and 1995, and
the related statements of operations, changes in partners' capital
and cash flows for each of the three years in the period ending
December 31, 1996.  These financial statements are the
responsibility of the Fund's management.  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 management, as well as evaluating the overall financial
statement presentation.  We believe that our audits provide a
reasonable basis for our opinion.

     In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position of
Fidelity Leasing Income Fund V, L.P. as of December 31, 1996 and
1995, and the results of its operations and its cash flows for each
of the three years in the period ended December 31, 1996 in
conformity with generally accepted accounting principles.




Grant Thornton, LLP
Philadelphia, Pennsylvania
February 10, 1997



















                                 F-2


                     FIDELITY LEASING INCOME FUND V, L.P.

                                BALANCE SHEETS

<TABLE>
                                     ASSETS
                                     <CAPTION>
                                                          December 31,

                                                     1996             1995
<S>                                               <C>             <C>
Cash and cash equivalents                         $3,234,408       $3,068,308

Accounts receivable                                  203,287          263,855

Interest receivable                                     -              10,366

Due from related parties                              13,627          224,043

Equipment under operating leases
(net of accumulated depreciation
 of $8,893,982 and $16,370,416,
 respectively)                                     3,902,843        4,235,949

Net investment in direct
 financing leases                                    209,459          280,779

Equipment held for sale or lease                       6,182           13,322
                                                  __________       __________

        Total assets                              $7,569,806       $8,096,622
                                                  ==========       ==========


LIABILITIES AND PARTNERS' CAPITAL
Liabilities:

      Lease rents paid in advance                 $  404,342       $  464,730

      Accounts payable - equipment                    19,800            -

      Accounts payable and
       accrued expenses                               79,416          224,761

      Due to related parties                          36,685           29,046
                                                  __________       __________

        Total liabilities                            540,243          718,537

Partners' capital                                  7,029,563        7,378,085
                                                  __________       __________

         Total liabilities and
          partners' capital                       $7,569,806       $8,096,622
                                                  ==========       ==========
</TABLE>












 The accompanying notes are an integral part of these financial statements.


                                  F-3
                     FIDELITY LEASING INCOME FUND V, L.P.
<TABLE>
                            STATEMENTS OF OPERATIONS
                            <CAPTION>



                                                For the years ended December 31,

                                               1996           1995           1994
Income:
<S>                                           <C>             <C>           <C>
  Rentals                                     $3,667,788      $5,438,038     $8,308,854
  Earned income on direct
   financing leases                               21,999          64,993         76,476
  Interest                                       112,518         236,762        180,500
  Gain on sale of equipment, net                 403,111       1,041,128        784,895
  Other                                           64,522          40,776         30,003
                                              __________      __________     __________

                                               4,269,938       6,821,697      9,380,728
                                              __________      __________     __________

Expenses:
  Depreciation                                 2,417,385       3,806,321      6,085,616
  Write-down of equipment to net
   realizable value                              382,274         421,877        762,758
  General and administrative	                     156,468         116,225        264,464
  General and administrative to related party    211,769         254,182        237,342
  Management fee to related party                223,305         338,489        498,446
                                              __________      __________     __________

                                               3,391,201       4,937,094      7,848,626
                                              __________      __________     __________


Net income                                    $  878,737      $1,884,603     $1,532,102
                                              ==========      ==========     ==========

Net income per equivalent
 limited partnership unit                     $    33.97      $    63.35     $    37.01
                                              ==========      ==========     ==========


Weighted average number of
 equivalent limited partnership
 units outstanding during the year                25,610          29,077         39,545
                                              ==========      ==========     ==========
</TABLE>





   The accompanying notes are an integral part of these financial statements.







                              F-4

                             FIDELITY LEASING INCOME FUND V, L.P.
<TABLE>
                                STATEMENTS OF PARTNERS' CAPITAL
                                <CAPTION>
                      For the years ended December 31, 1996, 1995 and 1994


                                    General        Limited Partners
                                    Partner       Units        Amount         Total
                                    _______       ___________________         _____

<S>                                  <C>         <C>       <C>            <C>
Balance, January 1, 1994             $15,145    83,010    $16,930,336     $16,945,481

Redemptions                             -       (3,331)      (611,379)       (611,379)

Cash distributions                   (55,302)      -       (5,474,941)     (5,530,243)

Net income                            68,387       -        1,463,715       1,532,102
                                     _______     ______   ___________     ___________

Balance, December 31, 1994            28,230    79,679     12,307,731      12,335,961

Redemptions                             -         (709)       (81,489)        (81,489)

Cash distributions                   (67,609)      -       (6,693,381)     (6,760,990)

Net income                            42,700       -        1,841,903       1,884,603
                                     _______     ______   ___________     ___________

Balance, December 31, 1995             3,321     78,970     7,374,764       7,378,085

Redemptions                             -        (2,833)     (267,259)       (267,259)

Cash distributions                    (9,600)      -         (950,400)       (960,000)

Net income                             8,700       -          870,037         878,737
                                     _______     ______   ___________     ___________

Balance, December 31, 1996           $ 2,421     76,137   $ 7,027,142     $ 7,029,563
                                     =======    =======   ===========     ===========
</TABLE>









   The accompanying notes are an integral part of these financial statements.









                                          F-5


                           FIDELITY LEASING INCOME FUND V, L.P.
<TABLE>
                                  STATEMENTS OF CASH FLOWS
                                  <CAPTION>
                                                        For the years ended December 31

                                                        1996           1995          1994
Cash flows from operating activities:
<S>                                                   <C>           <C>           <C>
  Net income                                          $  878,737    $1,884,603    $1,532,102
                                                      __________    __________    __________
  Adjustments to reconcile net income to net
   cash provided by operating activities:
  Depreciation                                         2,417,385     3,806,321     6,085,616
  Write-down of equipment to net realizable value        382,274       421,877       762,758
  Proceeds from direct financing leases,
   net of earned income                                   71,320       501,872       132,050
  Gain on sale of equipment, net                        (403,111)   (1,041,128)     (784,895)
  (Increase) decrease in accounts receivable              60,568         7,730       (52,282)
  (Increase) decrease in due from related parties        210,416      (176,487)      227,447
  Increase (decrease) in lease rents paid in advance     (60,388)      112,876      (167,968)
  Increase (decrease) in accounts payable
   and accrued expenses                                 (145,345)      (51,194)      122,121
  Increase (decrease) in other, net                       37,805        39,189       (31,786)
                                                      __________    __________    __________

   Total adjustments                                   2,570,924     3,621,056     6,293,061
                                                      __________    __________    __________

  Net cash provided by operating activities            3,449,661    5,505,659     7,825,163
                                                      __________    __________    __________

Cash flows from investing activities:
  Acquisition of equipment                            (3,075,481)   (3,237,087)   (1,358,457)
  Purchase of investment securities held to maturity        -             -       (1,722,869)
  Maturity of investment securities held to maturity        -          495,991     2,218,414
  Proceeds from sale of equipment                      1,019,179     2,369,707     1,665,300
                                                      __________    __________    __________

  Net cash provided by (used in)
   investing activities                               (2,056,302)     (371,389)      802,388
                                                      __________    __________    __________

Cash flows from financing activities:
  Distributions                                         (960,000)   (6,760,990)   (5,530,243)
  Redemptions of capital                                (267,259)      (81,489)     (611,379)
                                                      __________    __________    __________

  Net cash used in financing activities               (1,227,259)   (6,842,479)   (6,141,622)
                                                      __________    __________    __________

  Increase (decrease) in cash and cash equivalents       166,100    (1,708,209)    2,485,929

  Cash and cash equivalents, beginning of year         3,068,308     4,776,517     2,290,588
                                                      __________    __________    __________

  Cash and cash equivalents, end of year              $3,234,408    $3,068,308    $4,776,517
                                                      ==========    ==========    ==========
</TABLE>


     The accompanying notes are an integral part of these financial statements.









                                     F-6
                   FIDELITY LEASING INCOME FUND V, L.P.

                      NOTES TO FINANCIAL STATEMENTS

1.  ORGANIZATION AND NATURE OF BUSINESS

Fidelity Leasing Income Fund V, L.P. (the "Fund") was formed in January
1988.  The General Partner of the Fund is F.L. Partnership Management,
Inc. ("FLPMI") which is a wholly owned subsidiary of Resource Leasing,
Inc., a wholly owned subsidiary of Resource America, Inc.  The Fund is
managed by the General Partner.  The Fund's limited partnership
interests are not publicly traded.  There is no market for the Fund's
limited partnership interests and it is unlikely that any will develop.
The Fund acquires computer equipment including printers, tape and disk
storage devices, data communications equipment, computer terminals,
technical workstations as well as networking equipment which is leased
to third parties throughout the United States on a short-term basis.


2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Concentration of Credit Risk

Financial instruments which potentially subject the Fund to
concentrations of credit risk consist principally of temporary cash
investments.  The Fund places its temporary investments in bank
repurchase agreements.

Concentrations of credit risk with respect to accounts receivables are
limited due to the dispersion of the Fund's lessees over different
industries and geographies.

Impairment of Long-Lived Assets

Effective January 1, 1996, the Fund adopted SFAS No. 121, "Accounting
for the Impairment of Long-Lived Assets and for Long-Lived Assets to be
Disposed of."  This new standard provides guidance on when to recognize
and how to measure impairment losses of long-lived assets and how to
value long-lived assets to be disposed of.  The adoption of SFAS No.
121 had no impact on the net income of the Fund.

Equipment Held for Sale or Lease

Equipment held for sale or lease is carried at its estimated net
realizable value.

Use of Estimates

In preparing financial statements in conformity with Generally Accepted
Accounting Principles, management is required to make estimates and
assumptions that affect the reported amounts of assets and liabilities
and the disclosure of contingent assets and liabilities at the date of
the financial statements and revenues and expenses during the reporting
period.  Actual results could differ from those estimates.







                                 F-7
                   FIDELITY LEASING INCOME FUND V, L.P.

                NOTES TO FINANCIAL STATEMENTS (Continued)


2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Accounting for Leases

The Fund's leasing operations consist primarily of operating leases
whereby the cost of the leased equipment is recorded as an asset and
depreciated on a straight-line basis over its estimated useful life, up
to six years.  Acquisition fees associated with lease placements are
allocated to equipment when purchased and depreciated as part of
equipment cost.  Rental income consists primarily of monthly periodic
rentals due under the terms of the leases.  Generally, during the
remaining terms of existing operating leases, the Fund will not recover
all of the undepreciated cost and related expenses of its rental
equipment and is prepared to remarket the equipment in future years.
Upon sale or other disposition of assets, the cost and related
accumulated depreciation are removed from the accounts and the
resulting gain or loss, if any, is reflected in income.

The Fund has direct financing leases, as well.  Under the direct
financing method, income (the excess of the aggregate future rentals
and estimated additional amounts recoverable upon expiration of the
lease over the related equipment cost) is recognized over the life of
the lease using the interest method.

Income Taxes

Federal and State income tax regulations provide that taxes on the
income or benefits from losses of the Fund are reportable by the
partners in their individual income tax returns.  Accordingly, no
provision for such taxes has been made in the accompanying financial
statements.

Statements of Cash Flows

For purposes of the statements of cash flows, the Fund considers all
highly liquid debt instruments purchased with a maturity of three
months or less to be cash equivalents.

Net Income per Equivalent Limited Partnership Unit

Net income per equivalent limited partnership unit is computed by
dividing net income allocated to limited partners by the weighted
average number of equivalent limited partnership units outstanding
during the year.  The weighted average number of equivalent units
outstanding during the year is computed based on the weighted average
monthly limited partners' capital account balances, converted into
equivalent units at $500 per unit.








                                    F-8

                    FIDELITY LEASING INCOME FUND V, L.P.

                  NOTES TO FINANCIAL STATEMENTS (Continued)


2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Significant Fourth Quarter Adjustments

Currently, the Fund's practice is to review the recoverability of its
undepreciated costs of rental equipment quarterly.  The Fund's policy,
as part of this review, is to analyze such factors as releasing of
equipment, technological developments and information provided in
third party publications.  Based upon this review, the Fund recorded an
adjustment of approximately $96,000, $307,000 and $613,000 or $3.75,
$10.56 and $15.50 per unit to write down its rental equipment in the
fourth quarter of 1996, 1995 and 1994, respectively.

Reclassification

Certain amounts on the 1995 financial statements have been reclassified
to conform to the presentation in 1996.


3.  ALLOCATION OF PARTNERSHIP INCOME, LOSS AND CASH DISTRIBUTIONS

Cash distributions, if any, are made quarterly as follows:  99% to the
Limited Partners and 1% to the General Partner, until the Limited
Partners have received an amount equal to the purchase price of their
Units, plus a 10% compounded Priority Return (an amount equal to 10%
compounded annually on the portion of the purchase price not previously
distributed); thereafter, 90% to the Limited Partners and 10% to the
General Partner.

Net Losses are allocated 99% to the Limited Partners and 1% to the
General Partner.  The General Partner is allocated Net Income equal to
its cash distributions, but not less than 1% of Net Income, with the
balance allocated to the Limited Partners.

Net Income (Losses) allocated to the Limited Partners are allocated to
individual limited partners based on the ratio of the daily weighted
average partner's net capital account balance (after deducting related
commission expense) to the total daily weighted average of the Limited
Partners' net capital account balances.

4.  EQUIPMENT LEASED

Equipment on lease consists primarily of computer peripheral equipment
under operating leases.  The majority of the equipment was manufactured
by IBM.  The lessees have agreements with the manufacturer to provide
maintenance for the leased equipment.  The Fund's operating leases are
for initial lease terms of 9 to 52 months.  In accordance with
Generally Accepted Accounting Principles, the Fund writes down its
rental equipment to its estimated net realizable value when the amounts
are reasonably estimated and only recognizes gains upon actual sale of
its rental equipment.  As a result, in 1996, 1995 and 1994,
approximately $382,000, $422,000 and $763,000, respectively was charged
to write-down of equipment to net realizable value.  Any future losses
are dependent upon technological developments affecting the computer
equipment industry in subsequent years.

                                    F-9
                    FIDELITY LEASING INCOME FUND V, L.P.

                  NOTES TO FINANCIAL STATEMENTS (Continued)

4.  EQUIPMENT LEASED (Continued)

The Fund also has equipment leased under the direct financing method in
accordance with SFAS No. 13.  This method provides for recognition of
income (the excess of the aggregate future rentals and estimated
additional amounts recoverable upon expiration of the lease over the
related equipment cost) over the life of the lease using the interest
method.

The net investment in direct financing leases as of December 31, 1996
is as follows:

        Net minimum lease payments to be received      $233,000
        Less unearned income                            (24,000)
        Add expected future residuals                      -
                                                       ________
                                                       $209,000
                                                       ========

The future approximate minimum rentals to be received on noncancellable
operating and direct financing leases as of December 31 are as follows:

                                                 Direct
                                Operating       Financing

          1997                  $2,256,000       $ 93,000
          1998                   1,127,000         93,000
          1999                     234,000         47,000
                                __________       ________
                                $3,617,000       $233,000
                                ==========       ========


5.  RELATED PARTY TRANSACTIONS

The General Partner receives 6% or 3% of rental payments on equipment
under operating leases and full pay-out leases, respectively, for
administrative and management services performed on behalf of the Fund.
Full pay-out leases are noncancellable leases with terms in excess of
42 months and for which rental payments during the initial term are at
least sufficient to recover the purchase price of the equipment,
including acquisition fees. This management fee is paid quarterly only
if and when the Limited Partners have received distributions for the
period from January 1, 1989 through the end of the most recent quarter
equal to a return for such period at a rate of 12% per year on the
aggregate amount paid for their units.

The General Partner may also receive up to 3% of the proceeds from the
sale of the Fund's equipment for services and activities to be
performed in connection with the disposition of equipment.  The payment
of this sales fee is deferred until the Limited Partners have received
cash distributions equal to the purchase price of their units plus a
10% cumulative compounded Priority Return.  Based on current estimates,
it is not expected that the Fund will be required to pay the General
Partner a sales fee.


                                  F-10

                    FIDELITY LEASING INCOME FUND V, L.P.

                  NOTES TO FINANCIAL STATEMENTS (Continued)


5.  RELATED PARTY TRANSACTIONS (Continued)

Additionally, the General Partner and its parent company are reimbursed
by the Fund for certain costs of services and materials used by or for
the Fund except those items covered by the above-mentioned fees.
Following is a summary of fees and costs charged by the General Partner
or its parent company during the years ended December 31:

                                1996        1995         1994

Management fee                $222,867    	$338,489     $498,446
Reimbursable costs             211,769     254,182      237,342

During 1996, the Fund maintained its checking and investment accounts
in Jefferson Bank, a subsidiary of JeffBanks, Inc. in which the
Chairman of Resource America, Inc. serves as a director.

Amounts due from related parties at December 31, 1996 and 1995
represent monies due to the Fund from the General Partner and/or other
affiliated funds for rentals and sales proceeds collected and not yet
remitted the Fund.

Amounts due to related parties at December 31, 1996 and 1995 represent
monies due to the General Partner for the fees and costs mentioned
above, as well as, rentals and sales proceeds collected by the Fund on
behalf of other affiliated funds.

6.  MAJOR CUSTOMERS

For the year ended December 31, 1996, three customers accounted for
approximately 11%, 9% and 8% of the Fund's rental income.  For the year
ended December 31, 1995, three customers generated approximately
21%, 16% and 11% of the Fund's rental income.  For the year ended
December 31, 1994, four customers accounted for approximately 16%, 15%,
12% and 11% of the Fund's rental income.

7.  CASH DISTRIBUTIONS

Below is a summary of the quarterly cash distributions paid to partners
during the years ended December 31:
<TABLE>
Month of Distribution               1996          1995          1994
<CAPTION>
<S>                              <C>           <C>           <C>
       February                  $240,000      $2,730,949    $1,422,389
       May                        240,000       2,168,996     1,370,215
       August                     240,000       1,354,750     1,369,740
       November                   240,000         506,295     1,367,899
                                 ________      __________    __________

                                 $960,000      $6,760,990    $5,530,243
                                 ========      ==========    ==========
</TABLE>


                                     F-11
                    FIDELITY LEASING INCOME FUND V, L.P.

                  NOTES TO FINANCIAL STATEMENTS (Continued)

7.  CASH DISTRIBUTIONS (Continued)

In addition, the General Partner declared a cash distribution of
$150,000 in February 1997 for the three months ended December 31,
1996, to all admitted partners as of December 31, 1996.




















































                               F-12