A Geared Dividing Head for Lathe, this is part of the Master Lathe Converter . . .
Later versions of this were the "Versa Mill." Between the mill portion sitting on the saddle and the dividing head locked into the back of a lathe spindle, it's a very convenient and effective setup for cutting spur gears. Same options, as above, for the cutter - ranging from a single point tool ground to shape to the proper gear cutter.
Takes up a whole lot less space than even the smallest K&T.