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 following gifts are exempt from gift tax: (1) gifts to a spouse; (2) gifts of $14,000 annually to any individual and $28,000 if the gift is made by a married couple; and (3) direct payments to an educational provider for tuition or to a medical provider for medical care.