On November 22, 1995, about 1500 eastern standard time, a Cessna T210N, N210PW, registered to White Mountain, Inc., collided with a Piper PA-23-150, N2114P, at the Ocala Regional/Jim Taylor Field Airport, Ocala, Florida. Visual meteorological conditions prevailed at the time and no flight plan was filed for either flight. Both flights were operating as 14 CFR Part 91 instructional flights. The Cessna airplane sustained minor damage and the certified flight instructor (CFI) and private-rated student were not injured. The Piper airplane was substantially damaged and the CFI and commercial-rated student were also not injured. The Cessna flight originated about 1430, from the Ocala Airport. The Piper flight originated about 1437, also from the Ocala Airport. The CFI of the Cessna stated that his instrument student was executing a practice localizer approach to runway 36 and the Piper airplane was observed ahead. The student of the Cessna announced on the Common Traffic Advisory Frequency (CTAF) of the intention of performing a low approach, and descended to the minimum descent altitude of 480 feet mean sea level (msl). The CFI further stated that he observed the Piper land on runway 36. The student in the Cessna stated that about 5 seconds before the time had expired to reach the missed approach point, he observed the Piper airplane beneath and to the left of their airplane. The student banked the Cessna to the right and then felt an impact. The CFI of the Cessna took control of the airplane and landed uneventfully at the Ocala Airport. Two witnesses on the airport at the time of the accident stated that the midair collision occurred about 480 feet msl, about 3/4 of the way down the departure end of runway 36.