Deductions & credits

It sounds like under the bona fide residence category, if we have that status for the full year, we don't have to deduct physical presence in the US from our time abroad, thus diminishing the amount of deduction allowed. I believe, after reading pub 54, that it is only in the case of acquiring bona fide status during the year, or losing it. I think this may be a common misconception, but would love to have an expert opinion!!