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.
My friends at Nolo say that gifts to tenants are an allowable business expense on your federal income taxes, but they are subject to draconian limits. If you give someone a gift for business purposes, your business expense deduction is limited to $25 per person per year.