The story goes like this: A good but slightly ineffectual man tries to kill himself after an error that really wasn't his fault. In "Christmas Carol" fashion, his crusty-but-lovable guardian angel shows up to give him a tour of the world without his presence, and it isn't a pretty place. Moral courage, small-town American life, civic cooperation and family love are glorified; corporate greed and self-involvement are vilified. At the climax, a blanket of snow like spun sugar makes everything pure and clean like redemption itself.

The picture earned five Academy Award nominations (Best Picture, Best Actor - James Stewart, Best Director, Best Sound Recording and Best Film Editing), but won no Oscars. It was actually a box-office flop at the time of its release. Frank Capra regarded the film as his own personal favorite; it was also James Stewart's favorite of all of his feature films.