It's

(1) It is.
(2) It has.

N.B. Not to be confused with "its," which is the possessive of "it."

(1) Contact. It's the answer.
(2) It's been real slow 'round here since the new sheriff arrived.

WRONG: The dog wagged it's tail.

by ASP November 18, 2003

It's

Monty Python's Flying Circus.

It's—

by FrungiFrungi May 05, 2021