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.
Gift Tax Basics. If a gift is taxable, the person who makes the giftânot the recipientâmust file a gift tax return and pay any tax owed. However, very few people end up paying gift tax during life because gift tax is not owed until your cumulative taxable gifts exceed the $5.45 million exemption.