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.
Even if a gift is technically subject to a gift tax, the liability computed on the gift tax return can usually be avoided by claiming the lifetime credit, which is $1,772,800 for 2012, offsetting the tax on the exemption amount of $5,120,000 and avoid paying any tax on the amount of the gift.