  In this paper we report on an XMM-Newton observation of the ultraluminous
infrared QSO Mrk 1014. The X-ray observation reveals a power-law dominated
(photon index of about 2.2) spectrum with a slight excess in the soft energy
range. AGN and starburst emission models fit the soft excess emission equally
well, however, the most plausible explanation is an AGN component as the
starburst model parameter, temperature and luminosity, appear physically
unrealistic. The mean luminosity of Mrk 1014 is about 2 times 10^44 erg s^-1.
We have also observed excess emission at energies greater than 5 keV. This
feature could be attributed to a broadened and redshifted iron complex, but
deeper observations are required to constrain its origin. The light curve shows
small scale variability over the 11 ks observation. There is no evidence of
intrinsic absorption in Mrk 1014. The X-ray observations support the notion of
an AGN dominated central engine. We establish the need for a longer observation
to constrain more precisely the nature of the X-ray components.
