Yes - that is correct - if that a final distribution - be sure to report the basis of the stock.
Liquidating distributions (so-called liquidating dividends) may be result of partial or complete liquidation of a corporation. They are classified as a return of capital.
Partial liquidating distributions are not taxable income till the extend of your cost basis in your original investment - and will reduce that basis. Only if the distribution exceeds the cost basis - you recognize a capital gain.
If the corporation has been completely liquidated - the distributions should be reported on the schedule D - you may have either a capital gain or a capital loss.
Let me know if you need help with reporting.