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.
However, contributions to a 529 college savings plan may be subject to gift taxes. Generally, people can contribute up to the annual gift tax exclusion ($14,000 in 2013, 2014 and 2015) to each beneficiaryâs 529 plan, twice that for a married couple, without incurring gift taxes.