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| Pennsylvania                                                   | 65-1189593                              |
|----------------------------------------------------------------|-----------------------------------------|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |

| Large accelerated filer  ̈                       | Accelerated filer  ̈    |
|------------------------------------------------------|-----------------------------|
| Non-accelerated filer  ̈                         | Smaller reporting company T |
|  (Do not check if a smaller reporting company.) |                        |

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|      | PART I                                                                                |      |
|-----------|---------------------------------------------------------------------------------------|-----------|
| Item 1.   | Financial Statements                                                                  |   3  |
| Item 2.   | Management's Discussion and Analysis of Financial Condition and Results of Operations |   12 |
| Item 3.   | Quantitative and Qualitative Disclosures About Market Risk                            |   15 |
| Item 4T.  | Controls and Procedures                                                               |   15 |
|      | PART II                                                                               |      |
| Item 1.   | Legal Proceedings                                                                     |   15 |
| Item 1 A. | Risk Factors                                                                          |   15 |
| Item 2.   | Unregistered Sales of Equity Securities and Use of Proceeds                           |   16 |
| Item 3.   | Defaults Upon Senior Securities                                                       |   16 |
| Item 4.   | Submission of Matters to a Vote of Securities Holders                                 |   16 |
| Item 5.   | Other Information                                                                     |   16 |
| Item 6.   | Exhibits                                                                              |   16 |
|      |                                                                                  |      |

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|  Commonwealth Income & Growth Fund V                                                                                                                                           |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Condensed Balance Sheets                                                                                                                                                                |   |
|                                                                                                                                                                                    |   |   |   |   |   |   |
|                                                                                                                                                                                    |   | March 31, |   |   | December 31, |   |
|                                                                                                                                                                                    |   | 2010 |   |   | 2009 |   |
|                                                                                                                                                                                    |   | (unaudited) |   |   |   |   |
| Assets                                                                                                                                                                                  |   |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                               |   | $ | 287,602 |   |   | $ | 556,766 |   |
| Lease income receivable, net of reserve of $58,415 at March 31, 2010 and December 31, 2009, respectively                                                                                |   |   | 432,675 |   |   |   | 360,920 |   |
| Accounts receivable, Commonwealth Capital Corp.                                                                                                                                         |   |   | 60,266 |   |   |   | - |   |
| Accounts receivable, affiliated limited partnerships                                                                                                                                    |   |   | 228 |   |   |   | 10,869 |   |
| Other receivables                                                                                                                                                                       |   |   | 24,703 |   |   |   | 16,559 |   |
| Prepaid expenses                                                                                                                                                                        |   |   | 10,313 |   |   |   | 4,447 |   |
|                                                                                                                                                                                    |   |   | 815,787 |   |   |   | 949,561 |   |
|                                                                                                                                                                                    |   |   |   |   |   |   |   |   |
| Computer equipment, at cost                                                                                                                                                             |   |   | 21,668,884 |   |   |   | 22,568,787 |   |
| Accumulated depreciation                                                                                                                                                                |   |   | (16,264,771 | ) |   |   | (16,197,086 | ) |
|                                                                                                                                                                                    |   |   | 5,404,113 |   |   |   | 6,371,701 |   |
|                                                                                                                                                                                    |   |   |   |   |   |   |   |   |
| Equipment acquisition costs and deferred expenses, net of accumulated amortization of  $280,524 and  $353,192 at March 31, 2010 and December 31, 2009, respectively |   |   | 131,776 |   |   |   | 160,798 |   |
| Prepaid acquisition fees                                                                                                                                                                |   |   | 50,392 |   |   |   | 55,491 |   |
|                                                                                                                                                                                    |   |   | 182,168 |   |   |   | 216,289 |   |
|                                                                                                                                                                                    |   |   |   |   |   |   |   |   |
| Total Assets                                                                                                                                                                            |   | $ | 6,402,068 |   |   | $ | 7,537,551 |   |
|                                                                                                                                                                                    |   |   |   |   |   |   |   |   |
| Liabilities and Partners' Capital                                                                                                                                                       |   |   |   |   |   |   |   |   |
| Liabilities                                                                                                                                                                             |   |   |   |   |   |   |   |   |
| Accounts payable                                                                                                                                                                        |   | $ | 138,939 |   |   | $ | 145,883 |   |
| Accounts payable, General Partner                                                                                                                                                       |   |   | 99,810 |   |   |   | 54,394 |   |
| Accounts payable, Commonwealth Capital Corp.                                                                                                                                            |   |   | - |   |   |   | 20,748 |   |
| Other accrued expenses                                                                                                                                                                  |   |   | 40,767 |   |   |   | 20,497 |   |
| Unearned lease income                                                                                                                                                                   |   |   | 162,529 |   |   |   | 222,701 |   |
| Notes payable                                                                                                                                                                           |   |   | 182,719 |   |   |   | 260,986 |   |
| Total Liabilities                                                                                                                                                                       |   |   | 624,764 |   |   |   | 725,209 |   |
|                                                                                                                                                                                    |   |   |   |   |   |   |   |   |
| Partners' Capital                                                                                                                                                                       |   |   |   |   |   |   |   |   |
| General Partner                                                                                                                                                                         |   |   | 1,000 |   |   |   | 1,000 |   |
| Limited Partners                                                                                                                                                                        |   |   | 5,776,304 |   |   |   | 6,811,342 |   |
| Total Partners' Capital                                                                                                                                                                 |   |   | 5,777,304 |   |   |   | 6,812,342 |   |
|                                                                                                                                                                                    |   |   |   |   |   |   |   |   |
| Total Liabilities and Partners' Capital                                                                                                                                                 |   | $ | 6,402,068 |   |   | $ | 7,537,551 |   |

----

|  Commonwealth Income & Growth Fund V                                                 |   |
|-----------------------------------------------------------------------------------------------|--------|
| Condensed Statements of Operations                                                            |   |
| (unaudited)                                                                                   |   |
|                                                                                          |   |   |   |   |   |   |
|                                                                                          |   | Three Months Ended |   |
|                                                                                          |   | March 31, 2010 |   |   | March 31, 2009 |   |
|                                                                                          |   |   |   |   |   |   |
| Revenue                                                                                       |   |   |   |   |   |   |
| Lease                                                                                         |   | $ | 937,180 |   |   | $ | 1,527,745 |   |
| Interest and other                                                                            |   |   | 26,394 |   |   |   | 20,908 |   |
| Gain on sale of computer equipment                                                            |   |   | 82,096 |   |   |   | 1,486 |   |
| Total Revenue                                                                                 |   |   | 1,045,670 |   |   |   | 1,550,139 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| Expenses                                                                                      |   |   |   |   |   |   |   |   |
| Operating, excluding depreciation                                                             |   |   | 268,561 |   |   |   | 374,661 |   |
| Equipment management fee, General Partner                                                     |   |   | 46,859 |   |   |   | 76,992 |   |
| Interest                                                                                      |   |   | 3,701 |   |   |   | 21,889 |   |
| Depreciation                                                                                  |   |   | 1,074,139 |   |   |   | 1,377,584 |   |
| Amortization of equipment acquisition costs and deferred expenses                             |   |   | 34,123 |   |   |   | 60,673 |   |
| Bad debt expense                                                                              |   |   | - |   |   |   | 13,000 |   |
| Total expenses                                                                                |   |   | 1,427,383 |   |   |   | 1,924,799 |   |
|                                                                                          |   |   |   |   |   |   |   |   |
| Net (loss)                                                                                    |   | $ | (381,713 | ) |   | $ | (374,660 | ) |
|                                                                                          |   |   |   |   |   |   |   |   |
| Net (loss) allocated to Limited Partners                                                      |   | $ | (387,909 | ) |   | $ | (380,887 | ) |
|                                                                                          |   |   |   |   |   |   |   |   |
| Net (loss) per equivalent limited partnership unit                                            |   | $ | (0.31 | ) |   | $ | (0.31 | ) |
|                                                                                          |   |   |   |   |   |   |   |   |
| Weighted average number of equivalent limited partnership units outstanding during the period |   |   | 1,241,923 |   |   |   | 1,245,500 |   |

----

|  Commonwealth Income & Growth Fund V |   |
|-----------------------------------------------|--------|
| Condensed Statements of Partners' Capital     |   |
| For the three months ended March 31, 2010     |   |
| (unaudited)                                   |   |
|                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                          |   | General Partner Units |   |   | Limited Partner Units |   |   | General Partner |   |   | Limited Partner |   |   | Total |   |
| Balance, January 1, 2010                      |   |   | 50 |   |   |   | 1,242,246 |   |   | $ | 1,000 |   |   | $ | 6,811,342 |   |   | $ | 6,812,342 |   |
| Net Income (loss)                             |   |   | - |   |   |   | - |   |   |   | 6,196 |   |   |   | (387,909 | ) |   |   | (381,713 | ) |
| Redemptions                                   |   |   | - |   |   |   | (3,675 | ) |   |   | - |   |   |   | (33,920 | ) |   |   | (33,920 | ) |
| Distributions                                 |   |   | - |   |   |   | - |   |   |   | (6,196 | ) |   |   | (613,209 | ) |   |   | (619,405 | ) |
| Balance, March 31, 2010                       |   |   | 50 |   |   |   | 1,238,571 |   |   | $ | 1,000 |   |   | $ | 5,776,304 |   |   | $ | 5,777,304 |   |

----

| Commonwealth Income & Growth Fund V          |   |
|--------------------------------------------------|--------|
| Condensed Statements of Cash Flow                |   |
| (unaudited)                                      |   |
|                                             |   |   |   |   |   |   |
|                                             |   | Three Months ended |   |
|                                             |   | March 31, 2010 |   |   | March 31, 2009 |   |
|                                             |   |   |   |   |   |   |
| Net cash provided by operating activities        |   | $ | 408,613 |   |   | $ | 627,014 |   |
|                                             |   |   |   |   |   |   |   |   |
| Investing activities:                            |   |   |   |   |   |   |   |   |
| Capital expenditures                             |   |   | (127,499 | ) |   |   | (1,124,779 | ) |
| Net proceeds from the sale of computer equipment |   |   | 103,047 |   |   |   | 10,979 |   |
| Net cash (used in) investing activities          |   |   | (24,452 | ) |   |   | (1,113,800 | ) |
|                                             |   |   |   |   |   |   |   |   |
| Financing activities:                            |   |   |   |   |   |   |   |   |
| Redemptions                                      |   |   | (33,920 | ) |   |   | (22,249 | ) |
| Distributions to partners                        |   |   | (619,405 | ) |   |   | (622,590 | ) |
| Net cash (used in) financing activities          |   |   | (653,325 | ) |   |   | (644,839 | ) |
|                                             |   |   |   |   |   |   |   |   |
| Net (decrease) in cash                           |   |   | (269,164 | ) |   |   | (1,131,625 | ) |
|                                             |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at beginning of period |   |   | 556,766 |   |   |   | 3,053,703 |   |
|                                             |   |   |   |   |   |   |   |   |
| Cash and cash equivalents at end of period       |   | $ | 287,602 |   |   | $ | 1,922,078 |   |

----

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| At March 31, 2010    |                                   |
|----------------------|----------------------------------------|
| Total bank balance   |  $   308,000            |
| FDIC insurable limit |   (250,000)                  |
| Uninsured amount     |  $     58,000 |

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|                                | Amount                  |
|-------------------------------------|-------------------------|
| Nine Months ended December 31, 2010 | $   1,651,000 |
| Year ended December 31, 2011        | 1,187,000               |
| Year ended December 31, 2012        | 307,000                 |
|                                | $   3,145,000 |

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| Three months ended March 31,                                                                                                                                                                                                                                                                                                                                                                                     | 2010                  | 2009                  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|-----------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                             |                  |                  |
| Reimbursable expenses                                                                                                                                                                                                                                                                                                                                                                                            |                  |                  |
| Reimbursable expenses, which are charged to the Partnership by CCC in connection with the administration and operation of the Partnership, are allocated to the Partnership based upon several factors including, but not limited to, the number of investors, compliance issues, and the number of existing leases.  See "Summary of Significant Accounting Policies - Reimbursable Expenses," above. | $   227,000 | $   341,000 |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                |                 |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|----------------------|
| Equipment acquisition fee                                                                                                                                                                                                                                                                                                                                                                                                                                                             |                |                 |
| The General Partner earned an equipment acquisition fee of 4% of the purchase price of each item of equipment purchased as compensation for the negotiation of the acquisition of the equipment and lease thereof or sale under a conditional sales contract.   At March 31, 2010, the remaining balance of prepaid acquisition fees was approximately $50,000, which is expected to be earned in future periods.                                                      | $   5,000 | $   45,000 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |                |                 |
| Debt placement fee                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |                |                 |
| As compensation for arranging term debt to finance the acquisition of equipment by the Partnership, the General Partner is paid a fee equal to 1% of such indebtedness, provided, however, that such fee shall be reduced to the extent the Partnership incurs such fees to third parties, unaffiliated with the General Partner or the lender, with respect to such indebtedness and no such fee will be paid with respect to borrowings from the General Partner or its affiliates. | $   -     | $   -      |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                 |                 |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|----------------------|
| Equipment management fee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                 |                 |
| The General Partner is entitled to be paid for managing the equipment portfolio a monthly fee equal to the lesser of (i) the fees which would be charged by an independent third party for similar services for similar equipment or (ii) the sum of (a) two percent of (1) the gross lease revenues attributable to equipment which is subject to full payout net leases which contain net lease provisions plus (2) the purchase price paid on conditional sales contracts as received by the Partnership and (b) 5% of the gross lease revenues attributable to equipment which is subject to operating and capital leases. | $   47,000 | $   77,000 |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                |              |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|-------------------|
| Equipment liquidation fee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                |              |
| With respect to each item of equipment sold by the General Partner (other than in connection with a conditional sales contract), a fee equal to the lesser of (i) 50% of the competitive equipment sale commission or (ii) three percent of the sales price for such equipment is payable to the General Partner.  The payment of such fee is subordinated to the receipt by the limited partners of (i) a return of their net capital contributions and a 10% per annum cumulative return, compounded daily, on adjusted capital contributions and (ii) the net disposition proceeds from such sale in accordance with the Partnership Agreement.  Such fee will be reduced to the extent any liquidation or resale fees are paid to unaffiliated parties. | $   2,500 | $   300 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |                |              |

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|                                                                                                                                                                                                                        |   | March 31, 2010 |    |   | December 31, 2009 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|---------|--------|------------------------|--------|
|                                                                                                                                                                                                                        |   |                |    |   |                   |   |
|                                                                                                                                                                                                                        |   |                |    |   |                   |   |   |
| Installment notes payable to banks; interest ranging from 5.40% to 5.85% due in quarterly installments of  $23,643 and  $31,661, including interest, with final payments from January through July 2010 |   | $                   | 62,000  |   |                   |   | $ | 115,000 |   |
|                                                                                                                                                                                                                        |   |                |    |   |                   |   |   |   |   |
| Installment note payable to bank; interest at 5.75% due in quarterly installments of $22,756 including interest, with final payment in January 2011                                                                         |   |                | 88,000  |   |                   |   |   | 109,000 |   |
|                                                                                                                                                                                                                        |   |                |    |   |                   |   |   |   |   |
| Installment note payable to bank; interest at 6.21%, due in monthly installments of $1,368, including interest, with final payment in May 2012                                                                              |   |                | 33,000  |   |                   |   |   | 37,000 |   |
|                                                                                                                                                                                                                        |   | $                   | 183,000 |   |                   |   | $ | 261,000 |   |
|                                                                                                                                                                                                                        |

|                                 | Amount                             |
|--------------------------------------|------------------------------------|
| Nine months ending December 31, 2010 | $      138,000 |
| Year ended December 31, 2011         | 38,000                             |
| Year ended December 31, 2012         | 7,000                              |
|                                 | $      183,000 |

| Three months ended March 31, 2010                                                                                                       | 2010                                              | 2009                                   |
|-----------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|----------------------------------------|
| Lease revenue net of interest expense on notes payable realized as a result of  direct payment of principal by lessee to bank |  $      78,000 |  $    435,000 |
|                                                                                                                                    |                                              |                                   |

----

| Three months ended March 31, 2010                                                                               | 2010                                                   | 2009                                                                |
|-----------------------------------------------------------------------------------------------------------------|--------------------------------------------------------|---------------------------------------------------------------------|
| Equipment acquisition fees earned by General Partner, upon purchase of equipment, from prepaid acquisition fees |  $       5,000 |  $         45,000 |

----

----

| At March 31, 2010    |                             |
|----------------------|----------------------------------|
| Total bank balance   |  $   308,000      |
| FDIC insurable limit |   (250,000)            |
| Uninsured amount     |  $    58,000 |

----

----

|                                                                                                                                       |                                                        |
|--------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------|
| Item 2.                                                                                  | Unregistered Sales of Equity Securities and Use of Proceeds |
|                         | N/A                                                         |
|                                                                                                                                       |                                                        |
| Item 3.                                                                                  | Defaults Upon Senior Securities                             |
|                         | N/A                                                         |
|                                                                                                                                       |                                                        |
| Item 4.                                                                                                                                    | Submission of Matters to a Vote of Securities Holders       |
|                                                                                                                                       | N/A                                                         |
|                                                                                                                                       |                                                        |
| Item 5.                                                                                                                                    | Other Information                                           |
|                                                                                                                                       | N/A                                                         |
|                                                                                                                                       |                                                        |
| Item 6.                                                                                                                                    | Exhibits                                                    |

31.1 THE RULE 15d-14(a) CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

31.2 THE RULE 15d-14(a) CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

32.1 SECTION 1350 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

32.2 SECTION 1350 CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

|   | COMMONWEALTH INCOME & GROWTH FUND V                          |
|--------|------------------------------------------------------------------|
|   | BY: COMMONWEALTH INCOME & GROWTH FUND, INC., General Partner |

| May 17, 2010 | By: /s/ Kimberly A. Springsteen-Abbott            |
|--------------|---------------------------------------------------|
| Date         | Kimberly A. Springsteen-Abbott                    |
|         | Chief Executive Officer                           |
|         |                                              |
| May 17, 2010 | By: /s/  Lynn A. Franceschina           |
| Date         | Lynn A. Franceschina                              |
|         | Executive Vice President, Chief Operating Officer |