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This is further than for a 1/2 Tag, but not as far as a full Tag the Line. It is considered to be halfway between those two possibilities. Because the dancers are passing right shoulders, the two dancers in the center take right hands.
If 3/4 Tag is done from two parallel lines, each line does the same action. The original ends from each line take right hands, and all of them together form a right-handed wave. The original centers, who have gone past everyone from the other half of their own line to stand on the outside, join hands to form a couple.

Note that the outside couples finish standing directly in front of the two center dancers of the wave. They are standing centered as a couple, just as they would have finished if they had done a full Tag the Line.