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.
(last updated May 30, 2014) Direct payments for someone's educational or medical expenses are exempt from the federal gift tax, without regard to the annual exclusion limitation ($14,000/year in 2014). In Connecticut, that means they are also exempt from Connecticut gift tax.