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.
Internal Code Section 2503(e) (2)(A) excludes from gift tax any amount paid on behalf of an individual as tuition at an educational organization described in Section 170(b)(1)(A)(ii). Such gifts are not, under Section 2611(b)(1), subject to generation-skipping transfer tax (GST tax).