Capital Gains and Losses
Capital Gains Tax Questions? Ask a Tax Advisor for Answers ASAP
It looks like Linn Energy used Kirkland & Ellis LLP and Lazard Ltd. to help fix its capital structure. Maybe you should contact them.
Maybe the price of oil will go back up. I am surprised it has stayed so low for this long.
What state is your MLP formed in?
Is it a California MLP?
Who set it up for you? Maybe you can go back them and get help to merge or convert it to a C Corp.
It looks like MLPs are reorganizing. If you don't want to deal with cancellation of debt income, then you could just sell it. It depends upon your situation.
Here is an article: