To aid in the evaluation of the collapse-prediction capability of competing methodologies, a case study of a water tank subjected to the Takatori near-source record from the 1995 Kobe earthquake, scaled down by a factor of 0.32, is presented. The water tank, supported by a five-segment steel lattice tower, is so configured as to have a characteristic collapse mechanism that is triggered due to catastrophic column and brace buckling at the bottommost segment of the lattice under all forms of ground motion. A FRAME3D model of the tank reveals severe buckling in the bottom megacolumns and one of the two braces on the west face of the tower when the structure is impacted by the Takatori near-source pulse, resulting a tilt in the structure. This is followed by sequential compression buckling of braces on the south and north faces leading to P−Δ instability and complete collapse of the tank. In order to verify the predictions of the FRAME3D model, a comparable PERFORM-3D model of the tank, using fiber elements and constitutive material models that are suitably calibrated against experimental data, is developed. The response of this model to the scaled Takatori ground motion compares very well against that of the FRAME3D model; the smallest scaling factor needed to collapse the PERFORM-3D model is 0.323, whereas the corresponding factor needed to collapse the FRAME3D model is 0.315. The sequence of column- and brace-buckling failures and the collapse mechanisms are quite similar in the two models.