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.
Any gifts in excess of the limit cause you to file a gift tax return. For example, if you're single, you could give your brother a $10,000 car and a college buddy a $10,000 car and not have to worry about triggering the gift tax because neither person received more than the annual limit.