May an S Corp (with revenue) defer any kind of salary or distribution in its first year, if the S-corp had only recently been formed in the last quarter? If for example, it would be more beneficial to pay them the next year, or to use its revenue to build the business, and forgo distributions or salaries initially?
This is perfectly fine. I don't know of any rule that you must pay the S-Corp owners, ever. AFAIK the rule about taking a reasonable salary only applies if you decide to distribute profits to the owners.
As a rule of thumb:
Consider paying the owners between $0 and a reasonable salary (W2) each year. In years that you have reached a reasonable salary, you can also take distributions that year.*
Note, generally, you must pay your employees who are not owners.
* Achieving a "reasonable" salary prior to any distributions may be overly conservative. For example, suppose a reasonable salary is $75K, yet you only had enough profit one year to pay $60K in salary. IMHO taking a $50K salary with $11K in distributions probably won't raise any flags, and in theory you'd save over $1K in FICA taxes. However, that breaks my rule of thumb, and therefore I probably wouldn't personally recommend it, if you asked me.
Also, another related thing you can't do is take zero salary for years, save up all of the profits, and then one year take a $150K salary and distribute millions on top of that. This would be obvious tax evasion.