Yes, these are exactly the two that I referred to in my answer, one conversion distribution from the traditional IRA and one recharacterization distribution from the Roth IRA. When you indicate the amount left in the Roth IRA, it's the amount of 1/3 $X. In your explanation you'll indicate that 2/3 of $X was recharacterized, but due to a drop in value of the investment between the time of the conversion and the time of the recharacterization, an adjusted amount of something less than 2/3 of $X was transferred back to the traditional IRA.
