(MONEY Magazine) – Top-quality zero-coupon bonds offer a terrific payoff--a virtually guaranteed return if you hold a bond until maturity. But most zeros carry a big disadvantage as well: You have to pay tax on the interest you earn each year, even though you don't get any cash. (Instead, the interest is "paid" in the form of a gradual increase in the bond's market price until it reaches full face value at maturity.)

There are, however, a handful of zero-coupon bonds that escape this tax problem. They were issued by corporations in late 1982, right before Congress changed the rules to make interest on zeros taxable annually. Holders of these exceptional zeros don't have to pay tax on the interest until they sell a bond or the issuer redeems it.

According to bond analysts, the most attractive of these zeros matures in 2015 and was issued by General Motors Acceptance Corp., the auto giant's finance arm. This bond recently sold on the New York Stock Exchange at $272 per $1,000 of face value. Since the bond trades in lots of 10, the minimum investment is $2,720, which would grow to $10,000 by 2015. "The bond is a marvelous choice for investors saving for retirement outside of tax-deferred plans such as Individual Retirement Accounts and Keoghs," says Gerry Guild, chief fixed-income strategist at the New York City office of Advest.

At today's price, the GMAC 2015 zero yields 7.2%, compared with the 6.5% offered by conventional Treasuries maturing in 2015. In the unlikely event that the GMAC zero is called, or redeemed early, GM would have to pay more than twice the current price. Although the bond isn't as active as a blue-chip stock, it does trade on the NYSE every day (unlike most other zeros). That means you can buy it easily through your broker.

--Karyn McCormack