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.
The parents would gift a total of $87,000, and none of that gift would be taxable for either the parents or the children. Each child would receive $29,000 of nontaxable income. The following types of income are also considered nontaxable gifts: tuition or medical expenses paid on someone else's behalf; political donations