U. S. Securities and Exchange Commission
                         Washington, D. C. 20549


                                  FORM 4

               STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP



Filed  pursuant to Section 16(a) of the Securities Exchange  Act  of  1934,
Section  17(a) of the Public Utility Holding Company Act of 1935 or Section
30(f) of the Investment Company Act of 1940.



1.   Name and Address of Reporting Person
          Talley, Joel D.
          407 N. Big Spring Street
          Midland, TX  79701

2.   Issuer Name and Ticker or Trading Symbol
          Southwest Royalties, Inc. Income Fund V

3.   IRS or Social Security Number of Reporting Person
          ###-##-####

4.   Statement for Month/Year
          August 1997

5.   If Amendment, Date of Original
          N/A

6.   Relationship of Reporting Person to Issuer
                Southwest  Royalties, Inc. as Managing General Partner,  of
          which reporting person is Vice-President, Exploitation Manager.



                                 TABLE I


1.   Title of Security
          Limited partnership interest



                                                Units
 Date     Code    Units   Acquired    Price     Owned   Ownership    Nature
 ----     ----    -----   --------    -----     -----   ---------    ------
08-07-97   P       5.00      A       $310.64   1,313.50     I           *
08-20-97   P      15.00      A       $310.64   1,146.50     I           *

*    Southwest  Royalties,  Inc.  as Managing  General  Partner,  of  which
     reporting person is Vice-President, Exploitation Manager.



Date:  September 3, 1997                  /s/ Joel D. Talley
                                          ---------------------------------
                                          Joel D. Talley, Vice-
                                          President, Exploitation Manager of
                                          Southwest Royalties,
                                          Inc. the Managing General Partner