Because it appears to be free standing on the floor it looks more like 40 gallons than forty qts. I could be wrong.
Edit: The number in Vulcan model numbers, in this case ET40, mean gallons. A 2/3 jacketed steam kettle would cost $11,000 new. If this kettle works it would be worth every penny. A kettle like this could boil water or wort in no time. just ask, I think it was, boiler up. Didn't he show pictures of doing it in his bosses restaurant? Any way for $399 grab it if it works.