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, if you contribute to someone else's 529 college savings plan, you are subject to the $14,000 gift exclusion rule. A special regulation in the tax code enables a donor to use up five years' worth of her exclusions and gift $70,000 (in 2016 and 2017) to a 529 at one time.