IRAS 08339+6517 is a luminous infrared and Ly \alpha -emitting starburst galaxy that possesses a dwarf companion object at a projected distance of 56 kpc .
An H i tidal tail has recently been detected between both galaxies , suggesting that about 70 % of the neutral gas has been ejected from them .
We present deep broad-band optical images , together with narrow band H \alpha CCD images , and optical intermediate-resolution spectroscopy of both galaxies .
The images reveal interaction features between both systems and strong H \alpha emission in the inner part of IRAS 08339+6517 .
The chemical composition of the ionized gas of the galaxies is rather similar .
The analysis of their kinematics also indicates interaction features and reveals an object that could be a candidate tidal dwarf galaxy or a remnant of an earlier merger .
Our data suggest that the H i tail has been mainly formed from material stripped from the main galaxy .
We find weak spectral features that could be attributed to the presence of Wolf–Rayet stars in this starburst galaxy and estimate an age of the most recent burst of around 4 – 6 Myr .
A more evolved underlying stellar population , with a minimal age between 100 – 200 Myr , is also detected and fits an exponential intensity profile .
A model which combines 85 % young and 15 % old populations can explain both the spectral energy distribution and the H i Balmer and He i absorption lines presented in our spectrum .
The star formation rate of the galaxy is consistently derived using several calibrations , giving a value of \sim 9.5 M _ { \odot } yr ^ { -1 } .
IRAS 08339+6517 does satisfy the criteria of a luminous compact blue galaxy , rare objects in the local universe but common at high redshifts , being a very interesting target for detailed studies of galaxy evolution and formation .