On July 11, 2004, at 0926 Pacific daylight time, a Boeing A 75N1 (Stearman), N56416, ground looped during landing at the Auburn Municipal Airport, Auburn, California, and came to rest inverted. The pilot, also the registered owner, was operating the airplane under the provisions of 14 CFR Part 91. The pilot undergoing instruction (PUI) and the certified flight instructor (CFI) were not injured; the airplane sustained substantial damage. The airplane departed from the Lincoln Regional Airport/Karl Harder Field, Lincoln, California, at 0845 for the local area practice flight. Visual meteorological conditions prevailed, and no flight plan had been filed. The PUI recently purchased the airplane. The CFI was present for insurance requirements and was also providing instruction. They departed from the Lincoln airport after completing one traffic pattern to a successful full stop landing. They proceeded to Auburn and setup for a landing on runway 25. The approach and initial touchdown were unremarkable. During the roll out, the PUI reduced the power and the airplane began to veer to the left. The PUI overcorrected and the airplane turned to the right. The left wing contacted the ground and the airplane came to rest inverted. The PUI felt that the CFI was on the controls during the landing; however, when he overcorrected he felt that he overpowered the CFI on the controls. Both upper wings, the left lower wing, and the rudder sustained structural damage. The PUI did not report any mechanical malfunctions with the airplane prior to the accident. The PUI had approximately 347 hours total flight time, 40 hours were in tailwheel equipped airplanes, and 5 of those hours were in the Stearman. The airport manager reported that the winds were about 6 knots blowing directly down the runway.