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.
Tuition and Medicine. Any money your parents pay for your tuition is excluded from gift tax, and doesn't count toward the $13,000 cap, as long as they pay it directly to the school. The school has to be one with a regular faculty and curriculum, and a body of students enrolled and attending in the flesh.ny money your parents pay for your tuition is excluded from gift tax, and doesn't count toward the $13,000 cap, as long as they pay it directly to the school.