Priv. Ltr. Rul. 201214003 (Dec. 21, 2011)

(capitalized interest while property is being produced must be treated as part of the property’s total cost for purposes of bonus depreciation safe harbor which specifies that physical work of significant degree begins (for accrual basis taxpayer) when more than 10 percent of total cost of property incurred (not counting land cost and cost of any preliminary activities).