People tend to forget about the gravity force (i.e., the tank weight) that goes against the buoyancy force. We are still on earth. Once you are in the water, it doesn't mean that the gravity force would disappear. Buoyancy force is up & gravity force is down. If the gravity force (35 pounds) is greater than the Buoyancy force (24 pounds) then you will have negative (down / sink) buoyancy force of 11 pounds.
Buoyancy - Wikipedia
Archimedes' principle:
Apparent immersed weight = object weight - weight of displaced fluid
If you put that tank in a pool of liquid is Mercury with density of 13.6 g/ml (13.6 times greater than water) the buoyancy force would be 13.6 x 24 pounds = 326.4 pounds >> tank weight of 35 pounds. That tank will float as demonstrated by the picture, below (placing a nickel on a beaker of mercury). The coin density perhaps is about 8.9 g/ml < Mercury density of 13.6 g/ml.
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Another way of estimating whether an object is positively or negatively or neutrally buoyant is by estimating its bulk density relative to the fluid density around it. If the bulk density is 1.00 g/ml (62.4 lbs/cft) then it'll be neutrally buoyant in freshwater. For the case of empty AL80, if its internal volume = 11 liters + 5 liters of aluminum material = 16 liters of outside volume = 0.57 cft. Then the empty AL80 bulk density = 35 lbs / 0.57 cft = 61.4 lbs/cft, pretty close to water density to me. It'll be slightly floating if the nozzle capped, I think.