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 \sim 1.9 .
Low energy absorption can be modelled by a column N _ { H } \sim 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 \sim 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 \sim 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 .