First, you have to make sure that there are two different length tubes on the the fuel tap inside the tank, some owners, have removed them, leaving you no notice that you are low on fuel, until the engine sputters and quits .
The fuel taps on the airhead bikes, are quite simple, if the handle is at the 6 o'clock position, you are in 'Normal', fuel will stop flowing when you get to around .6-.8 US gallons in the tank .
Then you turn the handle to the 12 o'clock position, this 'Reserve', you've got about 20ish miles left of fuel .
With the handle in either the 3 or 9 o'clock position, fuel is turned off .
This is the position you should use, when the bike parked for the day .
Wouldn't be a bad idea, to remove the fuel line from the fuel tap and make sure the fuel is really shut off .
When I got my '82 LS two years ago, even with the fuel tap in the 'Off' position, the fuel wasn't shut off, the rubber washer inside the fuel tap had grooves in it, allowing fuel to continue to flow, even in the 'Off" position .