On August 24, 1994, at 1715 central daylight time, a Bellanca 7EAC, N2872Z, was substantially damaged when it collided with terrain shortly after taking off from Alexandria Municipal Airport, Alexandria, Minnesota. The private pilot reported no injuries. The pilot in command, an Airline Transport Pilot (ATP) who was seated in the back, also reported no injuries. The 14 CFR Part 91 local flight operated in visual meteorological conditions without flight plan. The private pilot reported he was practicing touch and go landings on runway 22 at Alexandria. Immediately after takeoff, he noticed that the airplane did not have the normal amount of lift. The pilot then realized that the carburetor heat was still on and he immediately shut it off. While trying to gain altitude, the airplane stalled. At this point, the ATP pilot took control of the airplane. He corrected the stall attitude but was unable to obtain sufficient airspeed. The airplane impacted the ground and came to rest inverted.