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.
Annual Exclusion. No gift tax is owed by a person who gives anyone gifts that have total value of less than the annual threshold established by the Internal Revenue Service. As of 2012, the threshold is $13,000. Giving a car with less value than this limit does not incur gift tax.