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.
In addition to the annual exclusion of $13,000, a gift tax return is not required for gifts paid for higher education or medical expenses. In order to qualify for this additional exclusion, the payment must be made directly to the college or the medical provider. Customarily, there is no tax due with gift tax returns.