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 gift that you received is not considered income but could have some gift tax liability for the giver. Because this was a gift, it needs to be reported by the person giving the gift. The person receiving the gift does not report it. Technically, relatively small gifts can completely avoid gift tax.