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, 1998

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

                           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   [  ]

<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 March 31, 1998 and December 31, 1997,

Statements of Income for the three months ended March 31, 1998, and 1997.

Statements of Cash Flows for the three months ended March 31, 1998, and 1997.


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 March 31, 1998 and the results of its  operations,  changes in
partners' equity, and cash flows for the periods then ended.


















<PAGE>

<TABLE>





                            TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership


                                 Balance Sheets



<CAPTION>

Assets                                     March 31, 1998    December 31, 1997
<S>                                          <C>                   <C>

Cash                                         $   20,069          $   32,509
Note & Accounts Receivable (Note 3)              81,512              92,010
Due from Affiliats                                  956                   0
Investment in Unimproved Land (Note 1)        4,728,193           4,675,102
                                             ----------          ----------

Total Assets                                 $4,830,730         $4,799,621
                                             ==========          ==========


Liabilities and Partners Capital

Accounts Payable and Accrued Liabilities     $        0          $    3,295
Property Taxes Payable (Note 6)                 231,011             180,150
Commissions Payable (Note 4)                      5,400               5,400
Notes Payable (Note 5)                          125,000             125,000
                                              ---------          ----------

Total Liabilities                            $  361,411          $  313,845
                                             ==========          ==========

Partners' Capital

General Partners                             $(  44,488)         $ ( 44,323)
Limited Partners 10,000 Equity
Units Authorized and Outstanding              4,513,807           4,530,099
                                             -----------         ----------

Total Partners Capital                       $4,469,319          $4,485,776

Total Liabilities and Partners Capital       $4,830,730          $4,799,621
                                             ==========          ==========

</TABLE>




<PAGE>

<TABLE>


                            TMP INLAND EMPIRE V, LTD.
                        A California Limited Partnership


                              Statements of Income



<CAPTION>

                                                       Three Months Ended
                                                     March 31     March 31
                                                      1998           1997
<S>                                                <C>          <C>   

Interest and Other Income                          $      0     $    2,370

General & Admin. Expense                             16,457         13,908
                                                    -------      ---------

Net Loss                                           $(16,457)    $ (11,538)
                                                   =========    ==========

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

General Partners:                                  $   (165)    $    (115)
                                                   =========    ==========

Limited Partners:                                  $(16,292)    $ (11,423)
                                                   =========    ==========

Limited Partners Per Unit                          $  (1.62)    $   (1.14)
                                                   =========    ==========

</TABLE>






<PAGE>

<TABLE>

<CAPTION>

                            TMP INLAND EMPIRE V, LTD
                        A California Limited Partnership

                             Statement of Cash Flows


                                                      Three Months Ended 
                                                  March 31,          March 31,
                                                    1998               1997
<S>                                             <C>                  <C>

Net Loss                                        $ (16,457)           $(11,538)
Adjustments to Reconcile Net Loss
   to net cash used in operating activities:
   Incr./Decr. In Invest. in unimproved  Land     (53,091)            (32,527)
   Increase in Due to/from Affiliates              (1,888)                  0
   Increase in Accounts Payable and                (2,363)             14,865
Accrued Liabilities
         Incr./Decr. In Property Tax Payable       50,861                  --
                                                ----------           ---------
Net Cash used in Operating Activities             (22,938)            (29,200)

Notes & Accts Receivable                           10,498               4,649
                                                ---------            ---------
Net Cash provided by financing activities          10,498               4,649
                                                ---------            ---------


Net Decrease in Cash                              (12,440)            (24,551)

Cash, Beginning of Period                          32,509              68,795
                                                 ---------           ---------

Cash , End of Period                            $    20,069          $ 44,244
                                                ===========          =========


</TABLE>











<PAGE>




                           TMP INLAND EMPIRE V, LTD.
                        a California Limited Partnership

                        Notes to the Financial Statements
                    For the Three Months Ended March 31, 1998
                                   (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,  1998 and 1997,  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,  1998,  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, 1998 and 1997, 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 March 31, 1998, 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
<TABLE>

Property Taxes payable as of March 31, 1998 is as follows:

<CAPTION>
<S>                <C>                  <C>

                   1994                 $ 48,201
                   1995                   56,269
                   1996                   29,868
                   1997                   45,812
                   1998                   50,861
                                        --------
                                        $231,011
                                        =======
</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.

NOTE 7 - Restatement and reissuance of 1997 financial statements  and  the first
         quarter ended March 31, 1998.

In  compliance  with  Statement  of  Financial   Accounting  Standards  No.  121
Accounting for the Impairment of Long-Lived  Assets and for Long-Lived Assets to
e Disposed Of (SFAS 121), the 1996 financial  statements reported an expense for
the  decline   in  fair  value of  unimproved   land   of  $3,922,730.  The 1997
financial  statements  originally issued with the auditor's report dated January
28, 1998 reported  $1,782,361  of  income  due  to appreciation in fair value of
land.  Current  clarifications  reveals  that  SFAS  121 does  not  provide  for
recording  appreciation  in fair  value of an asset  even in view of  previously
recording a decline in  value.  Therefore,  the 1997 financial   statements were
restated to remove the appreciation in fair value of land.

In addition,  certain  carrying costs of land that were  previously  capitalized
have been restated as current expenses  in  the  amount of $13,908 for the first
quarter of 1997 and $16,457 for the first quarter of 1998.



<PAGE>


                            TMP INLAND EMPIRE V, LTD.
                        a California Limited Partnership
                    For the Three Months Ended March 31, 1998


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

Partnership  revenues  during the three  periods  ended March 31,  1998 and 1997
consisted  primarily  of interest income.

Operating  activities  for the three  months  ended March 31, 1998 and 1997 used
approximately $74,000 and $46,000 of cash, respectively; mainly for the carrying
costs of the land held for investment. Financing activities for the three months
ended March 31, 1998 provided  approximately $7,000 from the paydown of the note
receivable.  Financing  activities  for the three  months  ended  March 31, 1997
provided approximately $4,000 from the paydown of the note receivable.

The Partnership  had twelve  properties as of March 31, 1998 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.


<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:  May 12, 1998                                  

                        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. Vice President


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



                        By:      TMP Properties, A California Partnership
                                 as General Partner


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


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

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