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We report the discovery of an L-type companion to the young M3.5V star 2MASSJ01225093-2439505 at a projected separation of 1.45" (~52 AU) as part of ouradaptive optics imaging search for extrasolar giant planets around younglow-mass stars. 2MASS 0122-2439 B has very red near-infrared colors similar tothe HR 8799 planets and the reddest known young/dusty L dwarfs in the field.Moderate-resolution (R~3800) 1.5-2.4 $\mu$m spectroscopy reveals anear-infrared spectral type of L4-L6 and an angular H-band shape, confirmingits cool temperature and young age. The kinematics of 2MASS 0122-2439 AB aremarginally consistent with members of the ~120 Myr AB Dor young moving groupbased on the photometric distance to the primary (36 +/- 4 pc) and our radialvelocity measurement of 2MASS 0122-2439 A from Keck/HIRES. We adopt the AB Dorgroup age for the system, but the high energy emission, lack of Li I$\lambda$6707 absorption, and spectral shape of 2MASS 0122-2439 B suggest arange of ~10-120 Myr is possible. The age and luminosity of 2MASS 0122-2439 Bfall in a strip where "hot-start" evolutionary model mass tracks overlap as aresult of deuterium burning. The implied mass of 2MASS 0122-2439 B is ~12-13Mjup or ~22-27 Mjup if it is an AB Dor member, or possibly as low as 11 Mjup ifthe wider age range is adopted. Evolutionary models predict an effectivetemperature for 2MASS 0122-2439 B that corresponds to spectral types near theL/T transition (~1300-1500 K) for field objects. However, we find a mid-Lnear-infrared spectral type, indicating that 2MASS 0122-2439 B representsanother case of photospheric dust being retained to cooler temperatures at lowsurface gravities, as seen in the spectra of young (8-30 Myr) planetarycompanions. [Abridged]

Planets Around Low-Mass Stars (PALMS). III. A Young Dusty L Dwarf Companion at the Deuterium-Burning Limit