[Verse 1] If you're a U.S. citizen no matter where you roam Uncle Sam will tax your income even far from home Worldwide taxation is the rule we must obey Green card holders too must file and pay From New York to Tokyo, London to Mumbai American tax law follows you across the sky Every dollar that you earn around the globe Gets reported to the IRS back home [Chorus] Eight-sixty-one to eight-sixty-five Source rules keep your taxes alive Nine-oh-one gives credit for foreign tax you paid Nine-eleven lets some income fade away Remember these numbers, they're your guiding light In the world of international tax law tonight [Verse 2] Where your income comes from matters more than you might think Source-of-income rules create that vital link Salary from services where the work was done Investment income follows different rules under the sun Real estate income stays where the property lies Interest and dividends have their own disguise Personal services income goes to where you worked These sourcing rules cannot be shirked [Chorus] Eight-sixty-one to eight-sixty-five Source rules keep your taxes alive Nine-oh-one gives credit for foreign tax you paid Nine-eleven lets some income fade away Remember these numbers, they're your guiding light In the world of international tax law tonight [Verse 3] When foreign countries tax your income too Section nine-oh-one helps see you through Foreign tax credit reduces what you owe But limitations keep it in control Direct credits for taxes that you paid Deemed-paid credits when corporations trade Carry forward five years, carry back one When your credits exceed what can be done [Bridge] If you live abroad and meet the test Nine-eleven gives your income rest Foreign earned income exclusion's sweet Up to the limit, tax-free treat Housing costs excluded too For expats living far from view Physical presence or bona fide These tests determine who qualifies [Chorus] Eight-sixty-one to eight-sixty-five Source rules keep your taxes alive Nine-oh-one gives credit for foreign tax you paid Nine-eleven lets some income fade away Remember these numbers, they're your guiding light In the world of international tax law tonight [Outro] Worldwide taxation is the starting point But credits and exclusions help anoint Your global income with some relief International tax law beyond belief
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