Combine 1/4 cup olive oil and TABASCO® Sauce in large mixing bowl. Cut bread slices into 1/2-inch pieces. Toss bread in olive oil mixture, set aside.
Add remaining 1/4 cup olive oil and garlic to large saucepan over medium heat. Sauté for 2 to 3 minutes. Add tomatoes, chicken broth, basil, balsamic vinegar, sugar, salt and black pepper. Simmer for 15 minutes. Remove from heat; add bread pieces and cover. Let sit for 1 hour.
Serve hot or cold. Garnish with shaved Parmesan cheese, if desired.
Makes 6 to 8 servings.