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 - An Old-Time Tractor Demonstration - by Kim Pratt. Sam was born in rural Kansas in 1926. His dad was a hard-working farmer and the children worked hard everyday to help ends meet. In the rural area he grew up in, the highlight of the week was Saturday when many people took a break from their work to go to town. It was on one such Saturday in the early 1940's when Sam was 16 years old that he ended up in Dennison, Kansas to watch a demonstration of a new tractor being put on by a local dealer. It was an Allis-Chalmers tractor dealership,
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