High-resolution (Theta = 4 arcseconds .4 x 3 arcseconds .1) CO observations of the IR luminous system VV 114 (IC 1623) using the Owens Valley Millimeter array reveal 5.1 x 1010 Solar masses of H2 in a 5.9 x 3.1 kpc (15 arcseconds x 8 arcseconds) bar with two 4-6 kpc long tails (D = 80 Mpc for H 0= 75). The wide separation (6 kpc) of the merging optical galaxies, the extended gas distribution, and the noncircular gas kinematics suggest that VV 114 is in an early stage of a gas-rich merger. The concentration of gas and its dominance of the dynamics in the center of the merging remnant confirms the theory that gas merges before the stars, and the large IR luminosity further implies that the starburst and IR luminous phase can begin long before the majority of gas is concentrated in a compact nuclear source. On the other hand, the fact that most ultraluminous IR galaxies have compact nuclear gas complex (like Arp 220) suggests that the IR luminous phase extends well beyond the merger phase. A good correlation in the spatial distribution of CO and 1.4 GHz radio continuum emission is found, and the enhanced nonthermal emission is attributed to magnetic flux freezing in high-density regions.