  We report on the analysis of a short XMM-Newton observation of the reddened
Type 1 QSO 2MASS 234449+1221 first identified in the Two Micron All-Sky Survey.
The underlying X-ray continuum is found to be typical of a broad-line active
galaxy, with photon index Gamma ~ 1.9. Low energy absorption can be modelled by
a column N_H ~ 10^22 cm^{-2} of moderately ionised gas or a smaller column of
cold gas. Addition of a soft X-ray emission component significantly improves
the fit in both cases. With the assumption that the soft X-ray flux represents
emission from gas photoionised by the incident X-ray continuum, a comparison of
the absorbed and emitted luminosities indicates a covering factor of ~ 8-17%.
The unusual opportunity to simultaneously observe and quantify ionised
absorption and emission in 2MASS 234449+1221 is due to the relatively large
opacity (for a Type 1 AGN) of the absorbing gas, which depresses the normally
strong continuum below ~ 1 keV. A comparison of the soft X-ray emission of
2MASS 234449+1221 with that of other Type 1 and Type 2 AGN suggests the
existence of an inner turbulent extension to ionised outflows, not detected in
current high resolution X-ray spectra.
