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.
A gift tax is a tax imposed on the transfer of ownership of property. The United States Internal Revenue Service says, a gift is Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return..