IC 1340 is a part of the Eastern Veil Nebula, which itself is part of a larger formation called the Cygnus Loop. This is a large supernova remnant, with several visible parts, many of which have their own catalogue numbers. As part of the Eastern Veil Nebula it was discovered by William Herschel in 1784.

It is sometimes called the Bat Nebula, though I think you need a larger field of view and maybe a different orientation to see the resemblance to a bat – I certainly can’t.

It is thought to be about 1500 light-years from the Earth and the supernova which was its source exploded between 5000 and 8000 years ago.