  We select a close "major-merger candidate" galaxy pair sample in order to
calculate the K_{s} luminosity function (LF) and pair fraction representative
of the merger/interaction component of galaxy evolution in the local universe.
The pair sample (projected separation 5 h$^{-1}$ kpc $\leq$ r $\leq$ 20
h$^{-1}$ kpc, $K_{s}$-band magnitude difference $\Delta$$K_{s}$ $\leq$ 1 mag)
is selected by combining the Two Micron All Sky Survey (2MASS) with the Sloan
Digital Sky Survey (SDSS) Data Release 5 (DR5). The resulting data set contains
340 galaxies covering 5800 sq. degrees. A stellar mass function is also
translated from the LF. A differential pair fraction displays nearly constant
fraction of galaxy pairs as a function of galaxy mass from 10$^{9}$ to
10$^{11.5}$ M$_{\sun}$ . The differential pair fraction is less subject to
absolute magnitude bias due to survey limitations than the standard total pair
fraction. These results suggest that major-merger candidate pairs in the
0$<$z$<$0.1 universe are developed from $\sim$1.6% of the galaxy population
without dependance on galaxy mass for pair components below 10$^{11}$
M$_{\sun}$. The derived LF combined with merger model time scales give local
merger rates per unit volume which decrease with masses greater than 10$^{11}$
M$_{\sun}$ .
