The IRS requires intra-family loan rates to reflect the current commercial loan market. If your loan requires little or no interest, you may be required to pay taxes, Cunningham says.
Clouds formed as the Earth began to cool, producing enormous volumes of rainwater that formed the oceans. For the next 1.3 billion years (3.8 to 2.5 billion years ago), the Archean Period, first life began to appear and the worldâs landmasses began to form. Earthâs initial life forms were bacteria, which could survive in the highly toxic atmosphere that existed during this time.
If we assume that life formed on Earth â which seems reasonable, given that we have not yet found it anywhere else â then it must have done so in the billion years between Earth coming into being and the preservation of the oldest known fossils. As well as narrowing down when life began, we can make an educated guess at what it was.