Well, Zak, you're one step closer to running. Pull the dipstick, check the oil level, and see if it smells like gas. Typically not something that happens to K-series Kohlers, but sometimes an overruning carb will fill the cylinder with gas, which will run past the ring-gaps and valve-stems into the oil pan. If there's no gassy smell, the oil's clean.
Ignition... leave that spark-plug out, hooked to the wire, but setting (grounded) against the cylinder head. Bring the piston around to Top Dead Center (where both valves are closed, and points are moving). Turn the ignition on, and rotate the flywheel back and forth about 180 degrees... should get a spark when the contacts open. If not, work on them contacts. Make sure you've got 12v at the coil all the time (when key is on, of course). Hook your meter to coil -. You should see voltage goes from 0 (points closed) to 12v (points open). If not, coil is open. If that's all good, and still no spark, coil is either open in the HV side, or coil isn't grounded well against the block. Improve ground... if still no spark, change coil, change points, change condenser. If you get spark, but also get a big flash across the points, change condenser.
One other principle to note- just because you get spark across the plug when it's out of the cylinder, doesn't mean you'll get a good spark when there's compression and fuel-air mix. Increased density from compression drives the point of coronal discharge way up, so a weenie spark don't cut it. Typical cause for weenie spark on Cub Cadets is bad coil, bad wiring connection, bad coil ground, bad points, or bad condenser... even if the rest of the tractor is good!
{btw... by Coronal Discharge, I mean SPARK, not what happens after you had too much fun at a new-year's party)...
(Message edited by dkamp on December 24, 2004)