<PAGE>


                                   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 September 30, 1996

                                   ______________________

                                 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 Identification No.)
incorporation or organization)     

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 [ ]






 <PAGE>    
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 September 30, 1996 and December 31, 1995

Statements of Income for the three and nine months ended
September 30, 1996 and 1995

Statements of Cash Flows for the nine months ended
September 30, 1996, and 1995

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 financial position of the Partnership as of
September 30, 1996 and the results of its operations, 
hanges in partners' equity, and cash flows for the periods then ended.

<PAGE>


                              TMP INLAND EMPIRE V, LTD.
                         a California Limited Partnership

                                   Balance Sheets

<TABLE>
<CAPTION>

                                             September 30, 1996        December 31, 1996
                                             <C>                  <C>

Assets
 <S>
Cash                                           $  93,641           $7,392
Note Receivable (Note 3)                       $ 132,290          141,000
Interest Receivable                            $     772                -
Investment in Unimproved Land (Note 1)        $8,486,039        8,392,966 
Prepaid Expense                                   -                   500 
Organizational Costs, Net (Note 1)                   401             5,125

     Total Assets                             $8,713,143        $ 8,546,983

Liabilities and Partners Capital

Accounts Payable and Accrued Liabilities       $   1,948              $1,009
Property Taxes Payable                         $ 133,663          $   94,224
Commissions Payable (Note 4)                   $   5,400          $    5,400                            
Note Payable (Note 5)                          $ 125,000          $      -

     Total Liabilities                         $ 266,011           $  100,633

Partners' capital

     General Partners                          $  (4,708)          $  ( 4,717)
     Limited Partners 10,000 equity
     units authorized and outstanding          $ 8,451,840         $ 8,451,067

     Total Partners Capital                    $ 8,447,132         $ 8,446,350

Total Liabilities and Partners Capital          $ 8,713,143         $ 8,546,983

</TABLE>
<PAGE>


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

                                        
                                   Three Months Ended     Nine Months Ended
                                Sept. 30     Sept. 30    Sept. 30     Sept. 30
                                 1996         1995         1996        1995

<S>                                 <C>         <C>         <C>         <C>      
Land Sales                           $0          $0          $0          $0

Cost of Land Sales                    0           0           0           0

     Gross Profit                     0           0           0           0

Interest & Other Income            $2,201          $ -      $5,506      $38
                                    
                                   $2,201          $ -      $5,506      $38

General & Admin. Expense           $1,575       $1,575      $4,725      $4,725

     Net Income (Loss)               $626      ($1,575)        $781    ($4,687)


Allocation of Net Income (Loss) (Note 2):

     General Partners              $  6         ($16)          $  8     ($47 )

     Limited Partners              $620        (1,559)          $773    ($4,640)       

     Limited Partners, per unit    $.06        ($ .16)          $.08    ($ .46)

</TABLE>                 


     <PAGE>


                              TMP INLAND EMPIRE V, LTD.
                           a California Limited Partnership

                               Statement of Cash Flows
     <TABLE>
     <CAPTION>
                                               Nine Months Ended September 30,
                                                    1996          1995
                                                     <C>          <C>       
     <S>
     Net Income (Loss)                               $   781    $  (4,687)

     Non-cash adjustments:
     Amortization of organization costs                4,725         4,725
     Adjustments to reconcile net income (loss)  
          to net cash used in operating activities:
          Increase in investment in unimproved land   (93,073)      (86,086)
          Increase in Receivables                        (772)        -
          (Increase) Decrease in Prepaid Expense          500          (500)
          Increase in Taxes Payable                    39,439        51,866	
          Increase (Decrease) in Accounts Payable 
             and Accrued Liabilities                      939        24,416
          
     Net Cash provided by (used in) 
     Operating Activities                            $ (47,461)   $  (10,266)

Financing Activities

      Decrease in Note Receivable                    $   8,710      $ -
      Increase in Note Payable                         125,000         -

      Net Cash provided by
      Financing Activities                            $133,710        $ -

     Net Increase (Decrease) in Cash                  $ 86,249    $  (10,266)

     Cash, Beginning of Period                        $  7,392    $  10,266

     Cash, End of Period                              $  93,641     $   -

     </TABLE>

<PAGE>


                              TMP INLAND EMPIRE V, LTD
                         a California Limited Partnership

                          Notes to the Financial Statements
                For the Three and Nine Months Ended September 30, 1996
                                    (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 September 30, 1996 and 1995, 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 September 30, 1996, 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 September 30, 1996 and 1995, the Partnership had a payable to a related 
party for services rendered relating to sales of properties in 1989 and 
1990.

NOTE 5 - Note Payable

As of September 30, 1996, the Partnership had a note payable
secured by Partnership land.  The note bears interest at 15
percent per annum and matures August 1, 1998. 

<PAGE>





                           TMP INLAND EMPIRE V, LTD.
                        a California Limited Partnership
               For the Three and Nine Months Ended September 30, 1996


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

Partnership revenues during the three and nine month periods ended
September 30, 1996and 1995 consisted primarily of interest income.

Operating activities for the nine months ended September 30, 1996
 used approximately $47,000 of cash.  The main uses of cash were for
the carrying costs of the land held for investment.  Payment on
approximately  $40,000 of property taxes was deferred.  
Financing activities provided approximately $134,000 from proceeds
of a note payable and principal paydown of a note receivable.

During the nine months ended September 30, 1995, operating activities
used approximately $10,000.  The main uses of cash were for the
carrying costs of the land held for investment.  Payment on
approximately  $52,000 of property taxes was deferred.
             
The Partnership had twelve properties as of September 30, 1996
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 general partners believe that the Partnership has sufficient 
cash to meet the anticipated cash requirements of the Partnership
for the next twelve months.
<PAGE>

Signatures

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

Date:  November 12, 1996     TMP INLAND EMPIRE V, LTD.


                       By:  TMP Investments, Inc., as General Partner
                                   
                                   \s\ William O. Passo
                              By:___________________________________
                                   William O. Passo, President

                                    \s\ Jenny Rex
                              By:___________________________________
                                   Jenny Rex, Secretary

                                    \s\ Michael Sun
                              By:___________________________________
                                   Michael Sun, Chief Financial Officer
                                        
                           By:  TMP Properties, a California General 
                                  Partnership as General Partner

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

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

                                     \s\ Scott E. McDaniel
                              By ____________________________________
                                    Scott E. McDaniel