My experience with keeping some MLPs in an IRA since the mid-80s is that it's not much of a problem, and eliminates the need to file K1s. If you have more than $1,000 in UBTI, Unrelated Business Taxable Income, in one year the IRA pays taxes on the amount over $1,000. UBTI is line 20-V on the K1. It is usually a very small or negative amount. You have certain deductions, like Intangible Drilling Costs, that reduce UBTI and these deductions are used up over quite a few years. You should monitor the UBTI amount every year to see if it is getting too high. I sold OKS after about eight years because the UBTI started to increase, although that didn't happen in my wife's IRA. Investor Relations told me it was because she had owned OKS for a shorter time. I was using up deductions and she hadn't reached that point yet. As far as I know I could buy OKS again and my deductions would be restored. MLPs are tax-advantaged for taxable accounts, but sometimes I put them in my IRA because they happen to be the best buy at the time. It's nice to be able to throw the K1s into a drawer and not worry about them. If you have over $1,000 in UBTI it has nothing to do with your tax return. Your broker will have to file Form 990T and take the tax out of the IRA.
The risk is that all recapture on sale is considered as UBTI, however the IRS has never enforced that for individual IRA account holders. They have started to enforce it for large non-profit organizations and may move in the direction of enforcing it on IRA holders in future. One possible indication of moving in that direction is a new box on the 2012 K-1s which is checked if the account is a tax deferred account like an IRA. The addition of the new box would imply they are moving in the direction of enforcing compliance in the future.