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 

For the year ended December 31, 1997

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

For the transition period from _______________ to ______________

Commission file number 0-17658

                 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.)

    3 North Columbus Blvd., Philadelphia, Pennsylvania 19106     
_________________________________________________________________
     (Address of principal executive offices)        (Zip Code)  

                            (215) 574-1636                       
_________________________________________________________________
         (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, 1997 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 does 
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. 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, 1997, 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, 1997, 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         $   776,032             7.39%
Disk Storage Systems                1,830,449            17.43
Network Communications                661,778             6.30
Personal Computers, Terminals
  and Technical Workstations        6,473,923            61.65
Printers                              239,641             2.28
Tape Storage Systems                  106,322             1.01
Other                                 413,771             3.94
                                  ___________           ______
Totals                            $10,501,916           100.00%
                                  ===========           ======


                      Breakdown of Equipment Usage
                      By Industrial Classification


                                  Purchase Price      Percentage of    
Type of Business                   of Equipment      Total Equipment   

Broadcasting/Entertainment         $   393,515             3.75%
Computers/Data Processing            1,042,026             9.92
Diversified Financial/Banking/
  Insurance                          2,691,282            25.63
Manufacturing/Refining               1,028,647             9.79
Publishing/Printing                     81,984             0.78
Retailing/Consumer Goods               825,665             7.86
Telephone/Telecommunications         4,438,797            42.27
                                   ___________           ______
Totals                             $10,501,916           100.00%
                                   ===========           ======

Average Initial Term of Leases (in months): 28

     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, 1997

               Limited Partnership Interests          2,570

               General Partnership Interest               1


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

                                   For the Years Ended December 31,              

                        1997         1996         1995         1994         1993   
<S>                 <C>          <C>          <C>         <C>           <C>        
Total Income         $3,442,545   $4,269,938   $6,821,697   $9,380,728   $8,847,285
Net Income              634,505      878,737    1,884,603    1,532,102      500,268
Distributions to 
 Partners               600,000      960,000    6,760,990    5,530,243    8,147,849
Net Income per
 Equivalent Limited
 Partnership Unit         25.07        33.97        63.35        37.01         7.88
Weighted Average
 Number of Equivalent
 Limited Partnership
 Units Outstanding
 During the Year         25,054       25,610       29,077       39,545       53,295
</TABLE>
<TABLE>
                                              December 31,                       

                        1997         1996         1995         1994         1993  
<S>                 <C>         <C>          <C>          <C>          <C>        
Total Assets         $7,455,365  $ 7,569,806  $ 8,096,622  $12,968,181  $17,642,200
Equipment under 
 Operating Leases 
 and Equipment Held for 
 Sale or Lease (Net)  3,423,510    3,909,025    4,249,271    6,568,961   12,939,283
Net Investment in
 Direct Financing
 Leases                    -         209,459      280,779      782,651      914,701
Limited Partnership
 Units                   76,137       76,137       78,970       79,679       83,010
Limited Partners          2,570        2,558        2,604        2,628        2,686
</TABLE>







                                     4


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

Results of Operations

     The Fund had revenues of $3,442,545, $4,269,938 and 
$6,821,697 for the years ended December 31, 1997, 1996 and 1995, 
respectively.  Rental income from the leasing of computer 
equipment accounted for 94%, 86% and 80% of total income in 1997, 
1996 and 1995, respectively.  The decrease in total revenues in 
1997 and 1996 is primarily attributable to the decrease in rental 
income.  In 1997, rental income decreased by approximately 
$1,647,000 due to lease terminations or sales of equipment.  This 
decrease, however, was mitigated by an increase of approximately 
$1,209,000 of rental income generated from equipment purchases 
made in 1997, as well as, rental income realized on 1996 equip- 
ment purchases for which a full year of rent was earned in 1997 
and only a partial year was earned in 1996.  In 1996, rental 
income decreased by approximately $2,915,000 due to renewals of 
leases at lower rates and lease terminations or sales of equip- 
ment.  This decrease, however, was reduced by an increase of 
approximately $1,145,000 because of rental income generated from 
equipment purchased 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.  
Additionally, the Fund recognized a net gain on sale of equipment 
of $-0-, $403,111 and $1,041,128 for the twelve months ended 
December 31, 1997, 1996 and 1995, respectively which also 
accounts for the decrease in total revenues in 1997 and 1996.  
Furthermore, interest income increased in 1997 because of higher 
interest rates earned on invested cash in 1997 which mitigated 
the overall decrease in total revenues during this year. In 
1996, however, interest income decreased due to lower interest 
rates earned on invested cash by the Fund which contributed to 
the decrease in total revenues from 1995.

     Expenses were $2,808,040, $3,391,201 and $4,937,094 for the 
years ended December 31, 1997, 1996 and 1995, respectively.  
Depreciation expense comprised 75%, 71% and 77% of total expenses 
in 1997, 1996 and 1995, respectively.  The decrease in expenses 
during 1997 and 1996 was partially caused by the decrease in 
depreciation expense because of equipment which came off lease 
and was terminated or sold.  The Fund recorded a write-down of 
equipment to net realizable value of approximately $62,000, 
$382,000 and $422,000 during 1997, 1996 and 1995, 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. Additionally, management fee to related party 
decreased in proportion to the decrease in rental income which 

                                 5


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

Results of Operations (Continued)

also accounts for the decrease in overall expenses in 1997 and 
1996.  In 1997, the Fund incurred a net loss on sale of equipment 
of $178,961 for the year ended December 31, 1997 as compared to 
$-0- for both years ended December 31, 1996 and 1995.  The change 
in this account lowered the amount of decrease in total expenses 
in 1997.

     The Fund's net income was $634,505, $878,737 and $1,884,603 
for the years ended December 31, 1997, 1996 and 1995, 
respectively.  The earnings per equivalent limited partnership 
unit, after earnings allocated to the General Partner, were 
$25.07, $33.97 and $63.35 for the years ended December 31, 1997, 
1996 and 1995, respectively.  The weighted average number of 
equivalent limited partnership units outstanding were 25,054, 
25,610 and 29,077 for 1997, 1996 and 1995, respectively.

     The Fund generated cash from operations of $2,981,370, 
$3,275,285 and $5,071,673 for the purpose of determining cash 
available for distribution and declared distributions of 
$600,000, $870,000 and $4,270,041 to partners for the years 
ended December 31, 1997, 1996 and 1995, 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 1996, 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, 
1997, 1996 and 1995, the Fund purchased $2,143,926, $3,075,481 
and $3,237,087, 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


     F.L. Partnership Management, Inc. (FLPMI) 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 41, 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 48, Director and Secretary of FLPMI 
     since September 1995 and Senior Vice President and Secretary 
     of Resource America, Inc. since 1989.

     SCOTT F. SCHAEFFER, age 35, 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 42, Vice President and General Counsel
     of FLPMI since 1992.

     MARIANNE T. SCHUSTER, age 39, Vice President and Controller 
     of FLPMI since 1984.

     KRISTIN L. CHRISTMAN, age 30, 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, 1997:

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

     F.L. Partnership
     Management, Inc.          General Partner     $200,574(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, 1997, 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, 1997, the Fund was charged 
$200,574 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, 
1997, the General Partner received $6,000 of cash distributions.

     The Fund incurred $172,435 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 
1997.













































                                 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, 1998

     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  3-26-98
Freddie M. Kotek           and President of F.L. Partnership 
                           Management, Inc. (Principal Executive 
                           Officer)



Michael L. Staines            
_________________________  Director of F.L. Partnership        3-26-98
Michael L. Staines         Management, Inc.



Marianne T. Schuster          
__________________________ Vice President and Controller       3-26-98
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, 1997 and 1996           F-3

Statements of Operations for the years ended              F-4
     December 31, 1997, 1996 and 1995

Statements of Partners' Capital for the years ended       F-5
     December 31, 1997, 1996 and 1995

Statements of Cash Flows for the years ended              F-6
     December 31, 1997, 1996 and 1995

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, 1997 and 1996, 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, 1997.  These financial statements are the responsi- 
bility 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, 1997 and 
1996, and the results of its operations and its cash flows for each 
of the three years in the period ended December 31, 1997 in 
conformity with generally accepted accounting principles.




Grant Thornton LLP
Philadelphia, Pennsylvania
February 17, 1998




















                                 F-2


                     FIDELITY LEASING INCOME FUND V, L.P.

                                BALANCE SHEETS

<TABLE>
                                     ASSETS
                                     <CAPTION>
                                                          December 31,       

                                                     1997             1996   
<S>                                               <C>             <C>        
Cash and cash equivalents                         $3,679,630       $3,234,408

Accounts receivable                                  193,525          203,287

Due from related parties                             158,700           13,627

Equipment under operating leases
(net of accumulated depreciation 
 of $7,078,588 and $8,893,982,
 respectively)                                     3,423,328        3,902,843

Net investment in direct
 financing leases                                       -             209,459

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

        Total assets                              $7,455,365       $7,569,806
                                                  ==========       ==========


LIABILITIES AND PARTNERS' CAPITAL
Liabilities:

      Lease rents paid in advance                 $  253,242       $  404,342

      Accounts payable - equipment                      -              19,800

      Accounts payable and
       accrued expenses                              109,888           79,416

      Due to related parties                          28,167           36,685
                                                  __________       __________

        Total liabilities                            391,297          540,243

Partners' capital                                  7,064,068        7,029,563
                                                  __________       __________

         Total liabilities and
          partners' capital                       $7,455,365       $7,569,806
                                                  ==========       ==========
</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,     

                                               1997           1996           1995    
Income:
<S>                                           <C>             <C>           <C>         
  Rentals                                     $3,230,211      $3,667,788     $5,438,038 
  Earned income on direct
   financing leases                               15,927          21,999         64,993 
  Interest                                       182,934         112,518        236,762 
  Gain on sale of equipment, net                    -            403,111      1,041,128 
  Other                                           13,473          64,522         40,776 
                                              __________      __________     __________ 

                                               3,442,545       4,269,938      6,821,697 
                                              __________      __________     __________ 

Expenses:
  Depreciation                                 2,106,041       2,417,385      3,806,321 
  Write-down of equipment to net
   realizable value                               61,863         382,274        421,877 
  General and administrative	                      88,166         156,468        116,225 
  General and administrative to related party    172,435         211,769        254,182 
  Management fee to related party                200,574         223,305        338,489 
  Loss on sale of equipment, net                 178,961            -              -    
                                              __________      __________     __________ 

                                               2,808,040       3,391,201      4,937,094 
                                              __________      __________     __________ 


Net income                                    $  634,505      $  878,737     $1,884,603 
                                              ==========      ==========     ========== 

Net income per equivalent
 limited partnership unit                     $    25.07      $    33.97     $    63.35 
                                              ==========      ==========     ========== 


Weighted average number of
 equivalent limited partnership
 units outstanding during the year                25,054          25,610         29,077 
                                              ==========      ==========     ========== 
</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, 1997, 1996 and 1995                


                                    General        Limited Partners                       
                                    Partner       Units        Amount         Total   
                                    _______       ___________________         _____   

<S>                                  <C>        <C>         <C>            <C>        
Balance, January 1, 1995             $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 

Cash distributions                    (6,000)      -          (594,000)       (600,000)

Net income                             6,345       -           628,160         634,505 
                                     _______     ______    ___________     ___________ 

Balance, December 31, 1997           $ 2,766     76,137    $ 7,061,302     $ 7,064,068 
                                     =======    =======    ===========     =========== 
</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,     

                                                        1997           1996          1995    
Cash flows from operating activities:
<S>                                                   <C>           <C>           <C>        
  Net income                                          $  634,505    $  878,737    $1,884,603 
                                                      __________    __________    __________ 
  Adjustments to reconcile net income to net
   cash provided by operating activities:
  Depreciation                                         2,106,041     2,417,385     3,806,321 
  Write-down of equipment to net realizable value         61,863       382,274       421,877 
  Proceeds from direct financing leases,
   net of earned income                                  209,459        71,320       501,872 
  (Gain) loss on sale of equipment, net                  178,961      (403,111)   (1,041,128)
  (Increase) decrease in accounts receivable               9,762        60,568         7,730 
  (Increase) decrease in due from related parties       (145,073)      210,416      (176,487)
  Increase (decrease) in lease rents paid in advance    (151,100)      (60,388)      112,876 
  Increase (decrease) in accounts payable
   and accrued expenses                                   30,472      (145,345)      (51,194)
  Increase (decrease) in other, net                      (28,318)       37,805        39,189 
                                                      __________    __________    __________ 

   Total adjustments                                   2,272,067     2,570,924     3,621,056 
                                                      __________    __________    __________ 

  Net cash provided by operating activities            2,906,572     3,449,661     5,505,659 
                                                      __________    __________    __________ 

Cash flows from investing activities:
  Acquisition of equipment                            (2,143,926)   (3,075,481)   (3,237,087)
  Maturity of investment securities held to maturity        -             -          495,991 
  Proceeds from sale of equipment                        282,576     1,019,179     2,369,707 
                                                      __________    __________    __________ 

  Net cash used in investing activities               (1,861,350)   (2,056,302)     (371,389)
                                                      __________    __________    __________ 

Cash flows from financing activities:
  Distributions                                         (600,000)     (960,000)   (6,760,990)
  Redemptions of capital                                    -         (267,259)      (81,489)
                                                      __________    __________    __________ 

  Net cash used in financing activities                 (600,000)   (1,227,259)   (6,842,479)
                                                      __________    __________    __________ 

  Increase (decrease) in cash and cash equivalents       445,222       166,100    (1,708,209)

  Cash and cash equivalents, beginning of year         3,234,408     3,068,308     4,776,517 
                                                      __________    __________    __________ 

  Cash and cash equivalents, end of year              $3,679,630    $3,234,408    $3,068,308 
                                                      ==========    ==========    ========== 
</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 Statement of Financial 
Accounting Standard (SFAS) No. 121, "Accounting for the Impairment of 
Long-Lived Assets and for Long-Lived Assets to be Disposed of."  This 
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 $1,000, $96,000 and $307,000 or $.04, 
$3.75 and $10.56 per unit to write down its rental equipment in the 
fourth quarter of 1997, 1996 and 1995, respectively.

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 equipment under 
operating leases. The lessees have agreements with the manufacturer of 
the equipment 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 1997, 1996 
and 1995, approximately $62,000, $382,000 and $422,000, 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 had 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.  There were no direct financing leases at December 31, 1997.

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

                                          


          1998               $1,742,000
          1999                  612,000
          2000                   70,000
                             __________
                             $2,424,000
                             ==========

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:

                                1997        1996         1995  

Management fee                $200,574    	$223,305     $338,489
Reimbursable costs             172,435     211,769      254,182

During 1997, 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, 1997 and 1996 
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 to the Fund.

Amounts due to related parties at December 31, 1997 and 1996 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, 1997, one customer accounted for 
approximately 26% and two customers accounted for 14% each of the 
Fund's rental income.  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 

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               1997          1996          1995   
<CAPTION>
<S>                              <C>            <C>          <C>       
       February                  $150,000       $240,000     $2,730,949
       May                        150,000        240,000      2,168,996
       August                     150,000        240,000      1,354,750
       November                   150,000        240,000        506,295
                                 ________       ________     __________

                                 $600,000       $960,000     $6,760,990
                                 ========       ========     ==========
</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 and paid a cash distribution 
of $150,000 in February 1998 for the three months ended 
December 31, 1997, to all admitted partners as of December 31, 1997.













































                               F-12