Sounds like a belly tank at the link posted above (link appears to be down). If it is it looks like this
http://valkyrie.smugmug.com/gallery/3097483#169543229_n2pvx and mounts under the frame between the swingarm and clutch cover.
From what I understand, the carbs are fed from the belly tank via a fuel pump (inclusive of the Bellytank, not OEM). When refueling through the OEM tank it fills the belly tank first then itself. If the tank still has the OEM petcock then this system will maintain your OEM reserve function and capacity. If a Pingel petcock has replaced the OE unit your reserve capacity may be a bit less.
Which model Valk is this mounted on? An Interstate tank is slightly larger the the Standard/Tourer tank. But, that doesn't mean much. If it's a Standard/Tourer the owner who installed a belly tank may have changed out to an Interstate tank for maximum mileage inconjunction with the belly tank too.
I don't recall the OEM tank or reserve capacities. Maybe someone can add that info.