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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 September 30, 1997

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

                           Commission file No. 0-19916

                            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  [ ]



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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 September 30, 1997 and December 31, 1996,

Statements of Income for the three and nine months ended September 30, 1997, and
1996.

Statements of Cash Flows for the three and nine months ended September 30, 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 financial position of the
Partnership as of September 30, 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>

Assets                                       September 30, 1997   December 31, 1996
                                                (Unaudited)           (Audited) 
<S>                                               <C>                 <C>       
Cash                                              $   34,443          $   68,795
Notes & Accounts Receivable (Note 3)                  98,807             117,000
Interest Receivable                                      572                   0
Investment in Unimproved Land (Note 1)             4,694,973           4,600,000
                                                  ----------          ----------
Total Assets                                      $4,828,795          $4,785,795
                                                  ==========          ==========


Liabilities and Partners Capital

Accounts Payable and Accrued Liabilities          $    2,030          $    1,361
Property Taxes Payable (Note 6)                      170,108             134,338
Commissions Payable (Note 4)                           5,400               5,400
Notes Payable (Note 5)                               125,000             125,000
                                                  ----------          ----------
Total Liabilities                                 $  302,538          $  266,099
                                                 
Partners' Capital

General Partners                                  $  (43,984)         $  (43,984)
Limited Partners 7,250 Equity
Units Authorized and Outstanding                   4,570,241           4,563,680
                                                  ----------          ----------
Total Partners Capital                            $4,526,257          $4,519,696
                                                  ----------          ----------
Total Liabilities and Partners Capital            $4,828,795          $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     Nine Months Ended
                                              Sept. 30     Sept.30   Sept. 30   Sept. 30
                                                 1997        1996       1997       1996
                                                   $           $          $          $
<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 and Other Income                       1,965        383       6,561      5,506
                                                -----      -----       -----      -----

Gross Income                                    1,965        383       6,561      5,506
  
General & Admin. Expense                            0        525           0      4,725
                                                -----      -----       -----      -----

Net Income (Loss)                               1,965       (142)      6,561        781
                                                =====      =====       =====      =====

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

General Partners                                   19         (1)         66          8

Limited Partners                                1,946       (141)      6,495        773

Limited Partners Per Unit                         .26       (.02)        .89        .11
</TABLE>







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                            TMP INLAND EMPIRE V, LTD
                        A California Limited Partnership

                             Statement of Cash Flows



<TABLE>
<CAPTION>
                                                            Nine Months Ended September 30,
                                                               1997               1996
<S>                                                         <C>                 <C>      
Net Income (Loss)                                           $   6,561           $     781
Non-Cash Adjustment:
Amortization of  Organization Costs                                 0               4,725
Adjustments to Reconcile Net Income (loss)
    to net cash used in operating activities:
        Incr./Decr. in Invest. in unimproved  Land            (94,973)            (93,072)
        Incr./Decr. in Receivables                             (1,302)               (772)
        Increase in Prepaid Expense                                 0                 500
        Increase in Accounts Payable and  Accrued 
        Liabilities                                            36,439              40,377
                                                            ---------           ---------

Net Cash provided by (used in)
Operating Activities                                          (53,275)            (47,461)

Notes Receivable                                               18,923               8,710
Notes Payable                                                       0             125,000
                                                            ---------           ---------
Net Cash provided by financing activities                      18,923             133,710
                                                            ---------           ---------


Net Increase/Decrease in Cash                                 (34,352)             86,249

Cash, Beginning of Period                                      68,795               7,392
                                                            ---------           ---------
Cash, End of Period                                            34,443              93,641
                                                            =========           =========
</TABLE>







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                           TMP INLAND EMPIRE VII, LTD.
                        a California Limited Partnership

                        Notes to the Financial Statements
                  For the Nine Months Ended September 30, 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 September 30, 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 September 30, 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.




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NOTE 4 - Commissions Payable

As of September 30, 1997 and 1996, 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, 1999, 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 September 30, 1997 is as follows:

<TABLE>
<S>            <C>   
1994           48,201
1995           56,269
1996           29,868
1997           35,770
              -------
              170,108
              =======
</TABLE>

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.









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                            TMP INLAND EMPIRE V, LTD.
                        a California Limited Partnership
                  For the Nine Months Ended September 30, 1997


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,
1997 and 1996 consisted primarily of interest income.

Operating activities for the nine months ended September 30,1997 and 1996 used
approximately $53,000 and $47,000 of cash, respectively; mainly for the carrying
costs of the land held for investment. Financing activities for the nine months
ended September 30, 1997 provided approximately $19,000 from the paydown of the
note receivable. Financing activities for the nine months ended September 30,
1996 provided approximately $133,000 mostly from the proceeds of a note secured
by Partnership land.

The Partnership had twelve properties as of September 30, 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:  December 9, 1997                            TMP INLAND EMPIRE V, LTD.



By:     TMP Investments, Inc., as General Partner


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


By:  ----------------------------------------------
        Anthony W. Thompson, Exec. Vice President


By:  ----------------------------------------------
        Richard Hutton, Jr., Controller



By:     TMP Properties, A California Partnership as General Partner


By:  ----------------------------------------------
        William O. Passo, Partner

By:  ----------------------------------------------
        Anthony W. Thompson, Partner

By:  ----------------------------------------------
        Scott E. McDaniel, Partner







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