reddyji,
Once your status has been adjusted ( or you have applied for change), you can indeed exercise the first year option i.e. request to be treated as a resident for tax purposes -- you file normal 1040 and attach a note requesting to be treated as a resident alien. All the tax laws apply equally to US citizen/ resident/ resident for tax purposes. Your world income is taxed by the USA
Can we help with anything else? Namaste
