On June 3, 2022, about 1115 eastern daylight time, a Taylorcraft BC12-D1, N44374, was substantially damaged when it was involved in an accident near Pittsboro, North Carolina. The student pilot and flight instructor were not injured. The airplane was operated as a Title 14 Code of Federal Regulations Part 91 personal flight. According to the flight instructor, they departed on a local area training flight. After flying for about 40 to 50 minutes, while in cruise flight at 2,000 feet mean sea level, the engine stopped producing power. They used the emergency checklist to attempt to restart the engine to no avail. The student pilot performed a forced landing to a wheat field. During the landing rollout, the airplane impacted a rut in the field, flipped over and came to rest inverted. Examination of the airplane revealed the water and corrosion in the fuel gascolator. The airplane was parked outside on the ramp the night before the accident, and it had rained. The student pilot stated that about 5 to 10 minutes before the loss of power he transferred fuel from the wing fuel tank to the main fuel tank. He also reported that during his preflight he drained the fuel sump at the gascolator, but not the wing fuel tanks. The flight instructor stated that he was not familiar with the airplane and the location of the fuel sumps.