Heading says it all, really. It's an absolutely un-run (and never mounted in an airframe) 120AX 2 stroke, as used, I understand, in the popular Texan Class Pylon Races. It has an instruction book, glow plug, needle valve extension. It doesn't have the plastic bag wrapping, nor does it have the OS muffler. Instead, it has a Slimline (I think - or it's a BCM, but definitely one of the two!) Inverted Pitts in-cowl muffler. Remember, an Inverted Pitts muffler is for an INVERTED installation, NOT side-mounted. Of course, in a radial cowled model, it can really be used at any angle you wish!
These engines are currently on sale for $497 (with the standard muffler). Discount it to $400 without the muffler, then add about $120 for the in-cowl muffler, and you're comfortably talking $500 for this combo if bought new. Makes this a bargain, doesn't it? Especially when I'll include freight anywhere in Australia in the price!