On September 13, 2014, about 1400 Pacific daylight time, an experimental amateur-built Lorentzen Lancair Legacy, N368W, made a forced landing near Reno Stead Airport, Reno, Nevada. The pilot/owner was operating the airplane as Race 88 at the Reno National Championship Air Races under the provisions of 14 Code of Federal Regulations (CFR) Part 91. The commercial pilot was not injured; the airplane sustained substantial damage to the right wing and fuselage during the accident sequence. The local air race flight departed Reno about 1345. Visual meteorological conditions (VMC) prevailed, and no flight plan had been filed. The pilot reported an in-flight fire in the engine compartment combined with a loss of power during a race. He was unable to discharge the fire extinguisher, and declared an emergency. The pilot exchanged airspeed for altitude as he pulled off the race course to set up for an emergency landing. However, he was unable to make it back to runway 14, and landed short in rough terrain. An FAA inspector examined the airplane. The flaps were speed taped in the up position. The right side cylinders were numbers one, three, and five from rear to front, and the left side cylinders were two, four, and six from rear to front. The exhaust system configuration was the same for both sides. Each side had exhaust pipes from each cylinder that connected to a manifold via a slip joint on each pipe. The manifold connected to a turbocharger at the rear end of the engine, and the turbocharger was mounted to the airframe. The inspector shook the right exhaust manifold, and the entire exhaust system, including the turbocharger, moved. He observed that the two bolts that attached the right turbocharger to the right turbocharger mounting bracket had sheared. The exhaust pipes had pulled down and away from the cylinders, and there was a gap at the slip joint for cylinder number one. There was charring and soot in the immediate vicinity of the gap. There was also a broken weld at the induction tube carrying turbocharged air from the right turbocharger. The pilot did not submit the National Transportation Safety Board, Pilot/Operator Aircraft Accident/Incident Report Form 6120.1.