False. PVX is not an MLP and for US holders you receive dividends. Taxable at dividend rates which if Bush tax cuts expire will be ordinary income rates. None of it is return of capital now or in the future. Why post when you have no idea?
If pvx did issue a K1 and you did have shares inside your IRA, then yes, ignore the K1. With that said though, there is a certain "company expense" that you claim when doing your taxes and it would be listed on the K1. However, unless you have a lot of shares most people ignore it....to much hassle and not worth it.