While the facts are a little vague, what I read is that you owned an interest in a MLP that was taxed as a partnership and in which you received a K-1. As has happened with many MLP's, these entities converted to C corporations; for one of a number of reasons.
If that is the case, you should have received something from the MLP that discusses any tax implications. In many instances there is a gain on the transaction.
Once the MLP becomes a C corporation, the reporting and tax implications to you become much simpler. You will no longer receive a K-1.
Since each of these conversions depend on their specific facts and circumstances, it is difficult to say exactly what will occur in your case.
However, as noted earlier, you should have received something that explains the situation. If it is not clear to you, I would recommend you consult with a tax professional
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
