<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 [ ]
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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, 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
<TABLE> <S> <C>
<ARTICLE> 5
<CIK> 0000885049
<NAME> TMP INLAND EMPIRE V, LTD.
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> SEP-30-1996
<CASH> 93641
<SECURITIES> 0
<RECEIVABLES> 133463
<ALLOWANCES> 0
<INVENTORY> 8486039
<CURRENT-ASSETS> 8713143
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 8713143
<CURRENT-LIABILITIES> 266011
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 8447132
<TOTAL-LIABILITY-AND-EQUITY> 8713143
<SALES> 5506
<TOTAL-REVENUES> 5506
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 4725
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 781
<INCOME-TAX> 0
<INCOME-CONTINUING> 781
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 781
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
