Both, depends on the tractor.
Standard Cub with ball valve shut off at tank. Close the ball valve at end of work day. Carburetor seeps if I leave the ball valve open over night. Doesn't leak when working.
154 leave the tank shut off open.
WD Allis's, shut off one. The other I leave open, the sediment bowl shut off leaks in the off position.
Had one tractor leak gasoline over a weekend. Lost probably 5 or 10 gallons.