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.
However, your parents may have to pay a tax on the value of the gift if it is worth more than the annual exclusion that the Internal Revenue Service allows for gifts. Gift-tax rates are the same as income-tax rates.our parents could be responsible for the gift tax even if the exchange was not an outright gift. For example, the IRS considers a sale of property at a price below fair market value to be a gift when it is made to a relative.