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.
No tax owed. Most gifts are not subject to the gift tax, and most estates are not subject to the estate tax. For example, there is usually no tax if you make a gift to your spouse at your death. If you make a gift to someone else, the gift tax does not apply to the first $11,000 that you give that person each year.