I agree on checking the primer cups. You didn't indicate if anything had been done to the magneto. There are a number of things with the mag that could be wrong.
One time I bought a mag that was supposed to have been completely rebuilt and tested. New coil, new carbon brushes, new points, new condenser, and new cap. All of that didn't matter because the person who rebuilt it had the internal timing off inside the mag by 4 teeth. Tractor would start, then if you advanced the timing, it would snort, cough, and quit. I put a different, known working mag on and it ran like a champ. took me 2 weeks until I took the mag apart and found the timing off.
If the engine has been rebuilt, are you also sure that the cam is timed properly? The crank, cam, and mag drive have to be "dead on", or you have a problem. 1 tooth is all it takes.
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Today's Featured Article - Timing Your Magneto Ignition Tractor - by Chris Pratt. If you have done major engine work or restored your tractor, chances are you removed the magneto and spark plug wires and eventually reached the point where you had to put it all back together and make it run. On our first cosmetic restoration, not having a manual, we carefully marked the wires, taped the magneto in the position it came off, and were careful not to turn the engine over while we had these components off. We thought we could get by with this since the engine ran perfectly and would not need any internal work. After the cleanup and painting was done, we began reassembly and finally came to t
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