Mine was doing this the other year. Take a compression check. This will eliminate a lot of what you're uncertain about. Mine turned out to be a bad crankshaft seal. The crank case has to be under a vacuum if not it sucks oil up into the carb and smokes really bad. If your air cleaner is all oily I'll bet this is your problem. You think the worst and it's only a cheap fix. I replaced both seals when I fixed mine. Sure I had to pull the flywheel off but that's not a big deal if you have the tools to do it.
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Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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