Where is the air cut valve located on a 1994 Honda Shadow 1100?

It is on the right side of the carburetor. You can bypass it and then disconnect the hose leading from it. This valve is there to cut the air flow off to enrichen the air to gas mixture when the bike is being decelerated. The valve prevents backfiring on a mixture that is too lean. Honda jetted these bikes very lean so that is the reason.