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It's is the contracted,abreviated form of It is.Example of use:"It's rainy outside"
Its is a neutral possessive pronoun used for inanimate obects or animals.Example of use "The cat raised its tail."
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Its a possession of an inanimate object. It's a contraction of it is. It's a miracle it's not raining today. Watch out for its crowding parking lot at the park.
It's, meaning "it is" and its, meaning ownership such as, "its color is fading".
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