Yes, you are correct, if this is for a Qualified Film or Television Production, then you could enter this on Schedule C as Other Deductions with an attached statement stating your are making the election under IRC section 168.
However, if this is not a qualified film (ex. You invested in someone making short YouTube videos or a TV series that has been playing for years or a film that will not be released by 2023) you would not be able to take the full deduction under IRC 168.
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