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.
If you give people a lot of money or property, you might have to pay a federal gift tax. But most gifts are not subject to the gift tax. For instance, you can give up to the annual exclusion amount ($14,000 in 2015) to any number of people every year, without facing any gift taxes.