IRA Conversion to Roth IRA and invest into Oil/Gas LP in 2010

Does anyone have an answer for if you convert an IRA to a Roth IRA in 2010 and use the monies to invest in an Oil/Gas LP can the person who converted from an IRA to a Roth IRA use the IDC expense in the year it occurred against ordinary income on the current year tax return which would offset most if not all the tax owed on the IRA conversion.  I would think once you convert the IRA to an Roth IRA when you get a K-1 from the Oil/Gas LP it will be in the name of the Roth IRA entity and you would not be able to deduct the IDC expenses in the current year against ordinary income.  

Anyone have a thought on this?

Thanks