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.
But most gifts are not subject to the gift tax. For instance, you can give up to the annual exclusion amount ($14,000 in 2014) to any number of people every year, without facing any gift taxes. Recipients generally never owe income tax on the gifts.n addition to the annual gift amount, your can give a total of up to $5.34 million starting in 2014 in your lifetime before you start owing the gift tax.