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.
Luckily, the IRS understands that some gifts are necessary and therefore excluded from the gift tax. 1  There are unlimited exclusions (they are never taxable) for the following gifts: 2  Charitable gifts. 3  Gifts to political organizations. 4  Gifts between spouses. 5  Educational and medical gifts (see explanation below)