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.
1 Gift-Giving is Not a Deduction â Making a gift does not ordinarily affect your federal income tax. You cannot deduct the value of the gifts you make (other than deductible charitable contributions).  Non-Taxable Gifts â The general rule is that any gift is a taxable gift. However, there are many exceptions.