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.
There are two levels of exemption from the gift tax. First, gifts of up to the annual exclusion ($14,000 per recipient in 2013, 2014, 2015, and 2016) incur no tax or filing requirement. By splitting their gifts, married couples can give up to twice this amount tax-free.