On July 21, 2022, about 1200 eastern daylight time, an Aeronca 7AC, N84423, was substantially damaged when it was involved in an accident near Plant City, Florida. The pilot and a passenger sustained minor injuries. The airplane was operated as a Title 14 Code of Federal Regulations Part 91 personal flight. The pilot reported that he was repositioning the airplane back to his home airport following the completion of its annual inspection. About 5 to 10 minutes after takeoff, the engine lost all power. The pilot performed a forced landing to a field; however, the airplane impacted a bump and bounced twice. The airplane continued through a fence and impacted a pipe in a drainage pond; the right main landing gear collapsed and the airplane came to rest upright at the edge of the pond. Initial examination of the wreckage by a Federal Aviation Administration (FAA) inspector revealed substantial damage to the forward fuselage and right wing strut. The wreckage was subsequently examined by a mechanic and an FAA inspector following its recovery to a storage facility. When the propeller was rotated by hand, camshaft, crankshaft, and valvetrain continuity were confirmed to the rear accessory section and thumb compression was attained on all cylinders. Both magnetos produced spark at all leads when rotated by hand. The carburetor was absent of fuel and about 75 ml of fuel remained in the gascolator. The FAA inspector initially did not observe any fuel in the fuel tank. He then examined the tank via borescope, verified that it was not breached, and observed a small, immeasurable amount of fuel in one corner of the tank, but the tank was otherwise empty.