On June 23, 2003, about 1030 eastern daylight time, a Cessna 150L, N18146, was substantially damaged during a forced landing, after takeoff from South Jersey Regional Airport (VAY), Mount Holly, New Jersey. The certificated commercial pilot and the passenger sustained minor injuries. Visual meteorological conditions prevailed, and no flight plan was filed for the local personal flight conducted under 14 CFR Part 91. During a telephone interview, the pilot stated that he performed a preflight inspection, which included draining fuel samples from both wing fuel tanks. The fuel that was drained from the right fuel tank was clear; however, he initially observed "a few drops of brown fluid" in the fuel that was drained from the left fuel tank. The pilot performed a normal engine run up and departed from the first taxiway intersection of runway 26, a 3,911-foot-long, asphalt runway. The airplane accelerated and lifted off normally; however, at an altitude of about 75 feet, the engine began to "cough, sputter and miss." The airplane cleared the utility poles and wires located off the departure end of the runway, and the pilot then made a 90-degree turn in an attempt to return to the airport. After the turn, the engine "quit completely" and the pilot maneuvered the airplane for a forced landing to a soybean field. During the landing, the airplane's nose pitched down and impacted the ground at approximately a 45 to 50 degree angle. The airplane then flipped over. The pilot reported that the airplane was refueled and flown for about 2/10 of an hour, about 2 weeks prior to the accident. Examination of the airplane conducted by a Federal Aviation Administration inspector did not reveal any pre-impact mechanical malfunctions. Fuel observed in both wing fuel tanks, the gascolator and carburetor was absent of contamination. Both magnetos produced spark when rotated. The engine was rotated and compression was attained on cylinders two, three, and four. Further examination of the number one cylinder revealed that the cylinder sustained impact damage in the area of the exhaust port, and that the exhaust valve was open. The airplane had been operated for about 7 hours since it's most recent annual inspection, which was performed on February 16, 2003.