Wow, this is super interesting video and story here. The film is public domain as it was not re-registered in 1974; however, the underlying story, “The Greatest Gift,” of which the film “It’s a Wonderful Life” is a derivative of, some rights of the story are protected thus royalties paid for TV broadcasting.
So, sample the movie if you would like but note that the story is still protected; only the images are public domain. http://www.youtube.com/watch?v=AnUGXQwJMSM
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