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So, if windowboxed, there is a chance that it actually shows more than a projected image in the 1930's? Didn't the Academy Ratio shrink the height of the negative image?

I'm a bit confused. Does windowboxing slightly crop the top and bottom of the frame?

I mentioned this in the It's A Wonderful Life thread, but windowboxing appears in all sorts of ways so I thought I would give it its own thread. In the case of Life, the credits at the end are windowboxed, but there is a bit less picture information on the top and bottom compared to the...