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.
Earth formed around 4.54 billion years ago by accretion from the solar nebula. Volcanic outgassing probably created the primordial atmosphere and then the ocean; but the atmosphere contained almost no oxygen and so would have been toxic to most modern life including humans.