FORM 8-K--CURRENT REPORT UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report: July 28, 1998 ANGELES INCOME PROPERTIES, LTD. V (Exact name of registrant as specified in its charter) California 0-15547 95-4049903 (State or other jurisdiction of (Commission (I.R.S. Employer incorporation or organization) File Number) Identification Number) One Insignia Financial Plaza Post Office Box 1089 Greenville, South Carolina 29602 (Address of Principal Executive Office) Registrant's telephone number, including area code (864) 239-1000 ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS On July 28, 1998, Angeles Income Properties, Ltd. V, a California limited partnership (the "Partnership"), executed an Agreement for Deed in Lieu of Foreclosure by and between the Partnership and Angeles Mortgage Investment Trust ("AMIT"), a California business trust. Pursuant thereto, the Partnership conveyed Southgate Village Apartments, located in Bedford Heights, Ohio, to AMIT in lieu of mortgage foreclosure. Angeles Realty Corporation II, the general partner, did not believe that it was in the Partnership's best interest to contest this foreclosure action because there is no equity in the property or Partnership. Furthermore, the Partnership does not have the funds with which to contest this action. Any remaining cash will be used to cover the costs of liquidating the Partnership. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS (C) EXHIBITS 10.26 Agreement for Deed-in-Lieu-of-Foreclosure, by and between Angeles Income Properties, Ltd. V and Angeles Mortgage Investment Trust ("AMIT"), dated July 28, 1998, conveying Southgate Village Apartments, located in Bedford Heights, Ohio, to AMIT. 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 hereunto duly authorized. ANGELES INCOME PROPERTIES, LTD. V By: Angeles Realty Corporation II Its General Partner By: /s/ Carroll D. Vinson Carroll D. Vinson President and Director Date: August 11, 1998