At about 0940 eastern time, a Boeing A75N1 lost engine power and was damaged during the ensuing forced landing near Samuels Field Airport. The pilot and passenger sustained minor injuries. The pilot said the airplane lost power about 400 feet agl shortly after takeoff. The pilot had recently purchased the airplane at an estate sale and it had been in storage for about 12 years. A mechanic had installed a new carburetor and two new magnetos. Post-crash inspection showed large amounts of water in the wing tanks, milky white fuel, debris-clogged spark plug gaps, and carbon and rust deposits in the oil screen.