Which of the following statements is not true with regard to the taxation of S corporation income?

Some S corporation income items are separately stated when passing through to its shareholders.

An S corporation can have a $15\%$ profit sharing ration and a $25\%$ loss sharing ratio.

In limited circumstances, an S corporation may be required to pay certain taxes.

$($D$)$ An S corporation with all individual shareholders will have a required tax year of December $31.$