Looks like a prior owner cut the barrel down then cut the magazine tube too short so the TD lever was too long.  Looks like they ground the TD lever “handle”  down so you could then turn the magazine tube by hand into the receiver–to make it fit the new magazine length.  The photos are terrible but thats what it looks like to me.  Cant really see the end that threads into the receiver in the pics so it is up for debate whether the owner cut it from the muzzle end or the threaded end.  If from the muzzle end it will still thread into the receiver and stay in place.  If cut from the threaded end there isnt much to hold the mag tube in place. 

Probably parted out the frame with TD ring will bring about $450-500.  The wood another $250-300.  Front and rear sights another $60-75.