We actually think "it's" should be accepted as the possessive of "it" - there is no good reason for an exception to the possessive apostrophe formation - and as someone points out on the page, "effect" may also be used as a verb, meaning to bring about or to cause to come into being and is separate from the verb "affect."
2 comments:
But as it says on the list it's is a contraction of it is.
It should be both.
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