On December 15, 1994, about 0428 central standard time, a Cessna 208B, N927FE, registered to Federal Express Corporation, collided with a Douglas DC-3A, N24320, registered to McNeely Charter Service, while taxiing for takeoff at Memphis International Airport, Memphis, Tennessee. Both aircraft were operating as 14 CFR Part 135 nonscheduled cargo flights. Visual meteorological conditions prevailed at the time and an instrument flight rules flight was filed for both flights. Both aircraft received substantial damage. The commercial-rated pilot on N927FE and the airline transport-rated pilot and commercial-rated copilot on N24320 were not injured. The flights were originating at the time of the accident. The pilot of N927FE stated that as he approached runway 18L he noticed the navigation lights of an aircraft that was at the hold short line. He did not observe any other navigation lights or aircraft between his aircraft and the aircraft which was holding short of runway 18L. He then noticed the silhouette of N24320 and attempted to stop before hitting the aircraft. He was unable to stop and veered to the right before impact with the right rear area of N24320. He stated that at the time of the collision the taxiway was wet and the lights from a nearby ramp caused a glare on the taxiway. He also stated that upon exiting his aircraft the tail navigation light and both beacon lights on N24320 were not operating. He banged on the tail of N24320 to get the pilot's attention. When he did this the tail light navigation light illuminated. Postcrash examination of N24320 by FAA inspectors indicated that the tail navigation light and both beacon lights were not operating.