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.
The donor, or the person giving the gift, is subject to the gift tax, not the person receiving the gift. If the person giving the gift is a U.S. citizen living abroad, he must report the gift on his own return and pay the gift tax. If he is a citizen of another country, the U.S. tax law does not apply.