On September 12, 1998, about 1610 eastern daylight time, a Cessna 150E, N6080T,collided with the terrain during an uncontrolled descent in Bradenton, Florida. The business flight was operated by the pilot under the provisions of Title 14 CFR Part 91, and visual flight rules. Visual meteorological conditions prevailed at the time of the accident. No flight plan was filed. The airplane was substantially damaged, and the student pilot and passenger, who was a certified flight instructor, were not injured. The flight originated from a private field just prior to the accident. According to the pilot/operator, about 1600 on September 12, he was preparing to take another pilot on a familiarization flight to demonstrate his company's flight operations. The second pilot handled the preflight inspection. The pilot observed the inspection, but did not notice any water being drained from the fuel tanks. The first pilot, who was a student rated pilot, stated that he was the pilot in command (PIC) and planned to depart the field to the East, and climb to an altitude around 400-500 feet. He also stated that his airplane was a 180 horse power conversion and, it should not be flown by an inexperienced pilot from a soft field. The engine was running fine and the takeoff was normal. About 50-100 feet above ground level (AGL) the pilot stated that it was like someone had "pulled the throttle back" and the engine quit. Due to trees on the extended centerline of the turf runway, the pilot put the airplane in a left turn. After turning about 45 degrees, he stated that the two men "became passengers" as the airplane descended and crashed in a field.