Tax Treatment of Americans Abroad Act

[AI summary unavailable — showing source text] Tax Treatment of Americans Abroad Act - Amends the Internal Revenue Code to revise tax rules on the treatment of income earned by U.S. citizens abroad. Allows an unlimited income tax exclusion for certain types of income earned or realized by U.S. citizens who are bona fide residents of a foreign country during a full taxable year or who are present in a foreign country for at least 510 days during any period of 18 consecutive months. Eliminates current restrictions which limit the tax exclusion to individuals who reside in camps located in hardship areas. Specifies that U.S. source pension and annuity income and income from trusts and annuities which do not qualify under the tax deferral provisions of the Internal Revenue Code shall not be excludable under the provisions of this Act. Waives the residency requirements imposed by this Act for individuals who would have otherwise met such requirements but were required to leave a foreign country due to war, civil, unrest, or other adverse conditions precluding the normal course of business. Repeals provisions of the Internal Revenue Code which allow income tax deductions for certain living expenses of U.S. citizens abroad.…