In the picture below are two inner clutch shafts and one outer IPTO shaft. That coupling thing are two splines that are not meant to be coupled. Forget they are even in the picture.
The gear is an IPTO driving gear that drives a larger IPTO driven gear below it. It can also drive an Electrall gearbox from the top side.
The driven gear axis is the same as the PTO shaft at the rear of your 340. That axis passes through a manual seasonal disconnect, the inside of the hollow tranny countershaft, and the planetary IPTO gearbox.
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