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 gifts can be made on behalf of anyone you choose (not just family), as long as the payments to be excluded from the tax are paid directly to the health care provider or educational institution (IRC Section 2503(e)). These payments are then excluded from both the gift tax and the generation skipping transfer tax.