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" It is a common misconception , he said , that recipients of gifts are liable for taxes . The corporate executive is liable for torts personally committed . Purchasers of commodity futures or options contracts can lose every penny given to a broker and , because futures contracts are “ leveraged ” or “ margined , ” customers may be liable for losses in excess of their initial deposits . If the vaccine was at fault , the company that manufactured it could be liable for losses you incurred in treating Fido 's bad reaction . It is important to note that if you do not formally discontinue your studies by the census dates you will be liable for fees for those subjects in which you are still enrolled . Iowa Grain 's brief argued that even if the ALJ found that the Hampton Group was liable for complainants ' damages , there was no basis for holding it jointly and severally liable .