The correct spelling for "is place of" is /ɪz pleɪs ʌv/. The "is" is written with the letter "i" and the letter "s" and pronounced as /ɪz/ with the "z" sound. "Place" is spelled with the letters "p", "l", "a", "c", and "e" and is pronounced as /pleɪs/. Lastly, "of" is written with the letters "o" and "f" pronounced as /ʌv/. These three words combined make a prepositional phrase that indicates an object's location or possession.