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it is: It’s cold outside.; it has: It’s been a long winter.
Not to be confused with:
its – belonging to it: This is its handle.
Abused, Confused, & Misused Words by Mary Embree Copyright © 2007, 2013 by Mary Embree
1. Contraction of it is.
2. Contraction of it has. See Usage Note at its.
American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
(Grammar) it is or it has
Usage: One of the commonest mistakes made in written English is the confusion of its and it's. You can see examples of this every day in books, magazines, and newspapers: its good for us; a smart case with it's own mirror, and even Cheng, and its' subsidiaries. Its refers to something belonging to or relating to a thing that has already been mentioned: the baby threw its rattle out of the pram. It's is a shortened way of saying it is or it has (the apostrophe indicates that a letter has been omitted: it's a lovely day; it's been a great weekend.
Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014
the possessive form of it (used as an attributive adjective): The book has lost its jacket. I'm sorry about its being so late.
usage: See me.
1. contraction of it is: It's starting to rain.
2. contraction of it has: It's been a long time.
Random House Kernerman Webster's College Dictionary, © 2010 K Dictionaries Ltd. Copyright 2005, 1997, 1991 by Random House, Inc. All rights reserved.