We examine the merger stage of IRAS 03158+4227, one of the most luminous UL
IRGs from the IRAS 2 Jy sample. Deep optical images are presented along wit
h high-resolution NIR images and optical low-resolution spectra. IRAS 03158
+4227 is confirmed as a component of an equal-luminosity binary galaxy with
a nuclei separation of 47 h(75)(-1). A long lopsided tail emanating from t
he companion, which harbours an active nucleus, is the most prominent pecul
iar feature of the binary. The results of numerical simulations permit the
interpretation of this structure as a product of the tidal interaction betw
een the two components. If the infrared-activity of IRAS 03158+4227 is also
dynamically triggered by this process, this would imply that the ULIRG phe
nomenon is not restricted to the final stage of a binary merger. Alternativ
ely, the system may be a multiple merger where the partner(s) has/have alre
ady coalesced.