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.
It is the giver of the gift who is required to pay the gift tax. The receiver of the gift may pay the gift tax, or a percentage of it, on the giver's behalf, in the event that the giver has exceeded his/her annual personal gift tax deduction limit. BREAKING DOWN 'Gift Tax' The following are generally excluded from gift tax: 1. Gifts to one's spouse. 2. Gifts to a political organization for use by the political organization. 3. Gifts that are valued at less than the annual gift tax exclusion ...