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.
Tax on Gifts Received. When someone gives you cash or another asset and doesn't expect goods or services in return, the IRS considers it to be a gift. In general, you don't have to pay tax on any gifts you receive. The gift tax, if any, is the responsibility of the giver. If the giver does owe tax on the gift and you want to pay for it, you may make a special arrangement with a tax professional to pay the tax instead.