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.
Because the payment qualifies for the educational exclusion, the gift is not a taxable gift. Example 3. In 2008, you give $25,000 to your 25-year-old daughter. The first $12,000 of your gift is not subject to the gift tax because of the annual exclusion.-------------------------------------... **Further details and examples: Below** If you are married, both you and your spouse can separately give gifts valued at up to $12,000 to the same person in 2008 without making a taxable gift. If one of you gives more than the $12,000 exclusion to a person in 2008.