Drain it and empty the carb completely.

Agreed. In my 32 years of equipment ownership, I have always run everything dry at the end of the season. Never a problem.

Personally, I would use it occasionally. Maybe alternate
between your regular trimmer once in a while. Long term
storage can create other problems, even if the mower
is totally drained of gasoline. My 'extras' get some
exercise every once in a while and they always start,
and I don't drain the fuel, (but it is always less than
a few months old and has stabilizer and Seafoam in the
tank). Add only small amounts of fuel so that it gets
used up during the exercise routines and fresh fuel can
be added.

Over time the gas will, go bad unless you maintain the fuel as suggested by lbpod. But if you do that it's not long term storage anymore. Draining is the best way in my opinion if it's long term unattended storage.

If long term storage is years, then I would drain it and perhaps add oil to the cylinder via the spark plug hole. If you are talking about Nov to April off season storage then filling the tank with treated (stabil) gas should work well for you.

Nice mower at the best possible price. I would set it up for winter storage which involves draining all gasoline, changing the oil, fitting a new air filter, checking drive belt, etc. The usual stuff and store it in a dry location.

Next season I would run it periodically.

I noticed you asked about bringing the piston to TDC both valves closed. Yes, it is very important to do this.
I have seen valve surfaces rust. When the valves are open air and moisture can enter.

Directions for storage are always in the manual and they include all the suggestions made here (except leaving fuel in it) plus more, like fogging the cylinder with oil and cleaning/lubricating the entire machine.

Thanks Saxman, I put about a pint of fuel in the mower, along with a healthy dose of MMO. I then mowed about half of my front lawn with it and then let the gas run out. The float bowl has a screw drain on it.
The blade is fair, the BBC and 3 speed drive is good. Oil is reasonably clean so is the airfilter. I will fog some with MMO, bring the piston to TDC and shoot a little oil in the plug hole. Then it is going deep into
the shed. It is at best an emergency mower, too small compared to my sitdown and too clunky for a trimmer. It runs purty darn good for free. I have 2 very similar Toros for parts too.

Just use the MMO in the cylinder - no extra engine oil is required for storage. There is a very good spray product - DuPont dry Teflon lube - for coating any unfinished metal parts. It sprays wet and penetrates, then the solvents dissipate, leaving a non-sticky, light waxy coat that will prevent corrosion. It will not have to be removed for use. This product is also ideal for mower wheel lube because it dries almost instantly and won't hold grit.