The peculiar galaxy NGC 520 (Arp 157) is often interpreted as an interacting pair of galaxies. The identification of the two bulges and overall morphology of the two galaxies has long been a puzzle which the authors attempt to solve here. New longslit optical spectroscopy and near-infrared images of NGC 520 are presented. These data suggest that the northwest peak is the bulge of one of two galaxies in the system. The other larger bulge is clearly evident in the K band image in the middle of the dust lane. The stellar radial velocity profile in the central 10 seconds of the larger bulge is consistent with counterrotation seen in the molecular gas component. This kinematic subsystem could be the remains of a merged gas-rich irregular.