Yep, it's is a contraction, but as i am refering to the it having having something the apostrophie is appropriate.
It's the dog's bowl.
Doing the right thing is the right thing's own reward.
Here doing the right thing is shortened to it, ergo the apostophie's showing the it's possession.
This is why i hated skool, too many conflicting rools.
I forgot to mention how much I enjoyed your post. (A lot.) er... (Alot.) ???? He who has the best grammar checker wins.