Puff, the Magic Dragon - Parodies. 1  In the mid 1970s an American Jewish band named Ruach created a parody version of the song entitled Puff the Kosher Dragon.
Pay tuition directly to the college. If you are considering making an outright cash gift, another option is to bypass your grandchild and pay the college directly. Under federal law, tuition payments made directly to a college aren't considered taxable gifts, no matter how large the payment.
Apply the exceptions to the gift tax and the applicable credit as follows: 1  Apply the educational exclusion. Payment of tuition expenses is not subject to the gift tax. 2  Apply the annual exclusion. The first $14,000 given is not a taxable gift. 3  Apply the applicable credit. The gift tax on $22,000 ($11,000 remaining from the gift to Lisa plus $11,000 remaining from the gift to Ken) is $4,240. Subtract the $4,240 from the applicable credit of $2,125,800 for 2016. The applicable credit that can be used against the gift or estate tax in a later year is $2,121,560.