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It's a Wonderful Life (1946)

After the war ended, along with directors William Wyler and George Stevens, Capra founded Liberty Films. Their studio became the first independent company of directors since United Artists in 1919 whose goal was to make films without interference by studio bosses. However, the only pictures completed by the studio were It's a Wonderful Life (1946) and State of the Union (1948). The first of these was a box office disappointment but was nominated for five Academy Awards.

The copyright status of It's a Wonderful Life remains in flux. In 1998, the American Film Institute (AFI) named it one of the best films ever made, putting it at 11th on AFI's 100 Years...100 Movies list of the top American films of all time. In 2006, the AFI put the film at the top of its AFI's 100 Years...100 Cheers list, ranking what AFI considers the most inspirational American movies of all time. It would become Capra's last film to win major acclaim—his successful years were now behind him, although he directed five more films over the next 14 years.

For State of the Union (1948), Capra changed studios. It would be the only time he ever worked for Metro-Goldwyn-Mayer. Although the project had an excellent pedigree with stars Spencer Tracy and Katharine Hepburn, the film was not a success, and Capra's statement, "I think State of the Union was my most perfect film in handling people and ideas" has few adherents today.