No, what you have here would be considered an installment sale, by the IRS.
With the installment method, only part of the gain you receive, or are considered to have received is included each year.
Use Form 6252: http://www.irs.gov/pub/irs-pdf/f6252.pdf
to report an installment sale in the year the sale occurs and for each year you receive an installment payment.
You will need to file Form 1040, and may need to attach Form 4797 and a schedule D.
From the IRS site:
"An installment sale is a sale of property at a gain where at least one payment is to be received after the tax year in which the sale occurs. You are required to report the sale under the installment method unless you "elect out" on or before the due date
for filing your tax return (including extensions) for the year of the sale. If you elect out, you report all the gain as income in the year of the sale. Installment sale rules
do not apply to losses. You cannot use the installment method to report gain from the sale of inventory or stocks and securities traded on an established securities market."
Hope this helps