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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-Q

                Quarterly Report Pursuant to Section 13 or 15(d)
                                       of
                       The Securities Exchange Act of 1934

                  for the Quarterly Period ended March 31, 1997


                           Commission File No. 0-19933


                            TMP INLAND EMPIRE V, LTD.
                        A CALIFORNIA LIMITED PARTNERSHIP
             (Exact name of registrant as specified in its charter)


            CALIFORNIA                                     33-0341829
    (State or other jurisdiction of                     (I.R.S. Employer
    incorporation or organization)                     Identification No.)


801 North Parkcenter Drive, Suite 235                          92705
Santa Ana, California                                        (Zip Code)
(Address of principal executive office)

                                 (714) 836-5503
              (Registrant's telephone number, including area code)

                             ----------------------

Indicate by check mark whether Registrant has [1] filed all reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or 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 [ ]






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PART I - FINANCIAL INFORMATION

Item 1.      Financial Statements

The following financial statements are filed as a part of this Form 10-Q:

Balance Sheets as of March 31, 1997 and December 31, 1996

Statements of Income for the Three Months ended March 31, 1997 and 1996

Statements of Cash Flows for the Three Months ended March 31, 1997, and 1996


The accompanying unaudited interim financial statements include all adjustments
(consisting solely of normal recurring adjustments) which are, in the opinion of
management, necessary to fairly present the inancial position of the Partnership
as of March 31, 1997 and the results of its operations, changes in partners'
equity, and cash flows for the periods then ended












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                            TMP INLAND EMPIRE V, LTD.
                        a California Limited Partnership

                                 Balance Sheets

<TABLE>
<CAPTION>

                                                   March 31,        December 31,
                                                      1997              1996
<S>                                               <C>               <C>
Assets

Cash                                              $    44,244       $    68,795
Accounts Receivable                                         -                 -
Interest Receivable                               $       655                 -
Notes Receivable (Note 3)                         $   112,352       $   117,000
Investment in Unimproved Land (Note 1)            $ 4,645,780       $ 4,600,000
Prepaid Expense                                             -                 -
Organization Costs, Net (Note 1)                            -                 -

     Total Assets                                 $ 4,803,031       $ 4,785,795

Liabilities and Partners' Capital

Accounts Payable and Accrued Liabilities          $       800       $       800
Due to Affiliates                                 $     1,361       $       561
Property Taxes Payable (Note 6)                   $   148,404       $   134,338
Commissions Payable (Note 4)                      $     5,400       $     5,400
Notes payable (Note 5)                            $   125,000       $   125,000

     Total Liabilities                            $   280,965       $   266,099

Partners' capital

     General Partners                             $   (43,961)      $   (43,984)
     Limited Partners; 10,000 equity
     units authorized and outstanding             $ 4,566,027       $ 4,563,680

     Total Partners' Capital                      $ 4,522,066       $ 4,519,696

Total Liabilites and Partners Capital             $ 4,803,031       $ 4,785,795
</TABLE>



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                            TMP INLAND EMPIRE V, LTD.
                        a California Limited Partnership
                              Statements of Income
<TABLE>
<CAPTION>

                                                      Three Months Ended March 31,
                                                           1997           1996
<S>                                                       <C>           <C>    
Land Sales                                                $    0        $     0

Cost of Land Sales                                        $    0        $     0

  Gross Profit                                            $    0        $     0

Interest and Other Income                                 $2,370        $   837

General and Admin. Expense                                $    0        $     0

Amortization                                              $    0        $ 1,575

  Net Income (Loss)                                       $2,370        ($  738)

Allocation of Net Income (Loss) (Note 2)

     General Partners                                     $   24        ($    7)

     Limited Partners                                     $2,346        ($  731)

     Limited Partners, per unit                           $ 0.23        ($ 0.07)
</TABLE>






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                            TMP INLAND EMPIRE V, LTD.
                        a California Limited Partnership

                             Statement of Cash Flows

<TABLE>
<CAPTION>
                                                                               Three Months Ended March 31,
                                                                                     1997          1996

<S>                                                                                <C>           <C>      
Net Income (Loss)                                                                  $  1,715      $   (738)

Cash Flow from operating activities 
  Adjustments to reconcile net income (loss)
   to net cash used in operating activities:

Amortization of organization costs                                                        -         1,575

Increase in investment in unimproved land                                           (45,780)      (36,674)

Increase in Receivables                                                                   -          (823)

Increase in Prepaid Expense                                                               -             -

Increase (Decrease) in Accounts Payable
   and Accrued LiabilitIes                                                           14,865        29,332

Decline in fair value of unimproved land                                                  -             -

Net Cash provided by (used in)
   Operating Activities                                                            $(29,200)     $ (7,328)


Cash Flow from Financing Activities
   Decrease in Notes Receivable                                                       4,649             -

Net Cash provided by Financing Activities                                             4,649             -


Net Decrease in Cash                                                               $(24,551)     $ (7,328)

Cash, Beginning of Period                                                          $ 68,795      $  7,392

Cash, End of Period                                                                $ 44,244      $     64



Supplemental disclosures of cash flow information:

Income taxes paid                                                                         -             -
Interest paid                                                                             -             -
</TABLE>



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                            TMP INLAND EMPIRE V, LTD
                        a California Limited Partnership

                        Notes to the Financial Statements
                    For the Three Months ended March 31, 1997
                                   (Unaudited)


NOTE 1 -  Summary of Significant Accounting Policies

Accounting Method - TMP Inland Empire V, Ltd. (the Partnership) prepares
its financial statements on the accrual basis of accounting.

Organization Costs - Organization costs include expenses incurred in the
formation of the Partnership that have been capitalized and that have been
amortized over a period of 40 years prior to 1992 and are being amortized over
five years beginning in 1992.

Investment in Unimproved Land - The Partnership's land is stated at the lower of
actual cost or market value, based on specific identification. All costs
associated with the acquisition of a property are capitalized. In addition, the
Partnership capitalizes all carrying costs.

Income Taxes - The entity is treated as a partnership for income tax purposes
and any income or loss is passed through and taxable at the partner level.
Accordingly, no provision for federal income taxes is provided.


NOTE 2 - Allocation of Profits, Losses and Cash Distributions

Profits, losses, and cash distributions are allocated 99 percent to the limited
partners and one percent to the general partners until the limited partners have
received an amount equal to their capital contributions plus a cumulative,
non-compounded return of six percent per annum based on their adjusted capital
account balances. At that point, remaining profits, losses and cash
distributions are allocated 85 percent to the limited partners and 15 percent to
the general partners.

As of March 31, 1997 and 1996, profits, losses and cash distributions were
allocated 99 percent to the limited partners and one percent to the general
partners.


NOTE 3 - Note Receivable

As of March 31, 1997, the Partnership had a note receivable relating to a
property sale in 1995. The note bears interest at seven percent per annum with
monthly principal and interest payments of $3,000.

NOTE 4 - Commissions Payable

As of March 31, 1997 and 1996, the Partnership had a payable to a related party
for services rendered relating to sales of properties in 1989 and 1990.


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NOTE 5 - Note Payable

As of March 31, 1997, the Partnership had a note payable to a private mortgage
company. The loan bears interest at 15% per annum and matures August 1, 1998.

NOTE 6 - Property Taxes Payable

Property Taxes payable as of March 31, 1997 is as follows:

1994              $ 48,201
1995              $ 56,269
1996              $ 29,868
1997              $ 14,066
                  --------
                  $148,404
                  ========

If property taxes remain delinquent for five years, then the County can
foreclose on the property. Management plans to take necessary actions to prevent
foreclosures.


                            TMP INLAND EMPIRE V, LTD.
                        a California Limited Partnership
                    For the Three Months ended March 31, 1997


Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations.

Partnership revenues during the three and six month periods ended March 31, 1997
and 1996 consisted primarily of interest income.

Operating activities for the three months ended March 31, 1997 and 1996 used
approximately $29,000 and $7,000 of cash, respectively; mainly for the carrying
costs of the land held for investment. Financing activities for the three months
ended March 31, 1997 provided approximately $5,000 from the paydown of the note
receivable.

The Partnership had twelve properties as of March 31, 1997 that are being held
for appreciation and resale. Upon the sale of each property, the Partnership
intends to distribute the sales proceeds, less any reserves needed for
operations, to the partners.

The Partnership has insufficient cash to meet anticipated cash requirements for
the next twelve months. Management intends to withhold the payment of certain
expenses such as property taxes. If additional cash is needed, management will
attempt to sell one or more parcels of land or procure a loan secured by
Partnership land. However, there is no assurance that management will be able to
accomplish this.







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Signatures

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

Date:  May 9, 1997

                                 TMP INLAND EMPIRE V, LTD.
                                 a California Limited Partnership


                                 By:  TMP Investments, Inc., as General Partner

                                          
                                      By: \s\ William O. Passo
                                         --------------------------------------
                                         William O. Passo, President

                                      By:  \s\ Anthony W. Thompson
                                         --------------------------------------
                                         Anthony W. Thompson, Exec. V.P.

                                      By: \s\ Michael Sun
                                         --------------------------------------
                                         Michael Sun, Chief Financial Officer

                                 By:  TMP Properties, a California General
                                      Partnership as General Partner

                                      By: \s\ William O. Passo
                                         --------------------------------------
                                         William O. Passo, General Partner

                                      By: \s\ Anthony W. Thompson
                                         --------------------------------------
                                         Anthony W. Thompson, General Partner

                                      By: \s\ Scott E. McDaniel
                                         --------------------------------------
                                         Scott E. McDaniel