<P> Despite initially performing poorly at the box office because of stiff competition at the time of its release, the film has become regarded as a classic and is a staple of Christmas television around the world . The film is considered one of the most loved films in American cinema and has become traditional viewing during the Christmas season . Theatrically, the film's break - even point was $6.3 million, approximately twice the production cost, a figure it never came close to achieving in its initial release . An appraisal in 2006 reported: "Although it was not the complete box office failure that today everyone believes...it was initially a major disappointment and confirmed, at least to the studios, that Capra was no longer capable of turning out the populist features that made his films the must - see, money - making events they once were ." </P> <P> It's a Wonderful Life is considered one of the most critically acclaimed films ever made . It was nominated for five Academy Awards including Best Picture and has been recognized by the American Film Institute as one of the 100 best American films ever made, placing number 11 on its initial 1998 greatest movie list, number 20 on its revised 2007 greatest movie list and placing number one on its list of the most inspirational American films of all time . Capra revealed that this was his personal favorite among the films he directed and that he screened it for his family every Christmas season . </P> <P> On Christmas Eve 1945, in Bedford Falls, New York, George Bailey is suicidal . Prayers for him reach Heaven, where Clarence Odbody, Angel 2nd Class, is assigned to save George, in return for which he will earn his angel wings . To prepare him for his mission, Clarence is shown flashbacks of George's life . The first is from 1919, when 12 - year - old George saves his younger brother Harry from drowning at a frozen lake; George loses his hearing in one ear as a result . At his after - school job, George realizes that the druggist, Mr. Gower--distraught over his son's death from the flu--has accidentally added poison to a child's prescription, and intervenes to stop it from causing harm . </P> <P> In 1928, George plans to leave on a world tour and then attend college . At Harry's high - school graduation party, he is reintroduced to Mary Hatch, who has had a crush on him from childhood . Their walk home is interrupted by news that George's father, Peter, has died of a stroke . George postpones his travel so he can sort out the family business, Bailey Brothers' Building and Loan . Henry F. Potter, the richest man in town, wishes to dissolve the Building and Loan to eliminate it as a competitor . The board of directors votes to keep the Building and Loan open, on condition that George stay to run it (along with his absent - minded uncle Billy). George gives his college tuition to Harry on the condition that Harry take over the Building and Loan when he returns . </P>

Where did its a wonderful life take place