Which one of the following statements about the taxation of personal service corporations is false for tax years beginning after December 31, 2017?

The fields covered by the personal service corporation rules are health, law, engineering, architecture, accounting, actuarial science, performing arts, or consulting.

Taxable income of a qualified personal service corporation is taxed at a 21% rate, the same as C corporations.

Substantially all of the stock of the corporation must be owned by current or retired employees (or their estates or heirs) that are employed performing services for the corporation in connection with activities in certain professional fields.

Personal service corporations are subject to the flat 21% tax rate only if more than 75% of their gross income is earned income.