To summarize the other answers, the rotor is way off, supposed to be 2 o-clock pointed to the #1 terminal, at a minimum your carb has a bad gasket, and make sure the float is at the right height, if you have not cleaned the carb with real carb cleaner, do so. All carburators used or made by IH will flood if you try cranking with the choke closed. Begin with it off and only open for a couple of seconds while cranking. Also when you time the engine with #1 at TDC, and have the rotor pointing to #1, remove the coil wire from the distributer and put the end about 1/4 inch from the nut on the distributer (switch on), turn the distributer to the left (from rear) then turn to the right until you get a spark.
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Today's Featured Article - Pitfalls of Tractor Engine Rebuilds - by Chris Pratt. The first pop after you have put the machine together with your own hands is exciting and pleasing. The whole experience can be marred if one moves too fast and makes too many assumptions that they can just use "as is" some parts they should be closely scrutinizing and possibly attended to. In such cases, rework makes what could have been a fun project turn into an irritant or even a nightmare. Minor Irritants To give you an example of an minor but irritating proble
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