After completing the sale of the Taylorcraft BC-12D, the new owner, who was a private pilot, suggested to the previous student pilot owner that they fly the airplane. The student pilot got in the airplane and sat in the left seat and the private pilot occupied the right seat. After the student pilot did a preflight check and runup, they took off and joined the traffic pattern for landing. According to the private pilot, the approach was high. The airplane then touched down on the 2,000-foot grass strip and bounced. The student pilot initiated a go around; however, the airplane struck trees, decelerated, stalled, and then impacted the ground in a nose down attitude. The private pilot later stated that, the student pilot "was in command of the craft. I was just a passenger." He also stated that he would not have taken control without an "invitation" from the pilot in the left seat, and that this was a "rule" he had learned many years before.