On September 8, 2000, about 1130 Eastern Daylight Time, a homebuilt CA-8, N47XY, was substantially damaged during a forced landing after takeoff from the Aero Flight Center Airport (55OI), East Palestine, Ohio. The certificated commercial pilot sustained minor injuries. Visual meteorological conditions prevailed and no flight plan had been filed for the flight destined for the Salem Airpark, Salem, Ohio. The personal flight was conducted under 14 CFR Part 91. According to pilot, he performed a thorough pre-flight inspection and run-up prior to takeoff from Runway 29. He also stated that he checked the position of the fuel valve by "bumping" it with his foot. During the takeoff, the airplane accelerated and lifted off normally; however, when the airplane reached 150 feet above the runway, the engine began to lose power, "like fuel starvation." The pilot made a right turn and performed a forced landing to a soybean field. During the forced landing, the airplane nose over and came to rest inverted. The pilot stated the airplane's fuel tank capacity was 10 gallons, and he departed with about 4 gallons of fuel on board. Examination of the wreckage by a Federal Aviation Administration inspector did not reveal any pre-impact malfunctions; however, the inspector noted that the airplane's fuel valve, which was located under the cockpit panel, did not contain a "hard stop" or detent, and could be rotated 360 degrees. The pilot reported he had not flown the airplane for over a year prior to the accident, and he did not recall the nature of the valve used during the airplane's construction. He believed the valve had a detent or manual stop, and was not aware that it could be rotated 360 degrees.