Does 7702 rule make annuity tax-FREE or DEFERRED?

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Feb 11, 2008 4:53 pm

Someone is pitching such a product and claiming it is tax FREE.

 
I tried to verify it, googled the term and, whoa, can understand what I was reading.  Hope someone can help.
 
My bottomline question:  If in fact tax-free, what is tax free?  Any withdrawals after certain age?  Only upon death?  Thanks.