Magnetic tunneling devices are formed from a first body centered cubic (bcc) magnetic layer and a second bcc magnetic layer. At least one spacer layer of bcc material between these magnetic layers exchange couples the first and second bcc magnetic layers. A tunnel barrier in proximity with the second magnetic layer permits spin-polarized current to pass between the tunnel barrier and the second layer; the tunnel barrier may be either MgO and Mg—ZnO. The first magnetic layer, the spacer layer, the second magnetic layer, and the tunnel barrier are all preferably (100) oriented. The MgO and Mg—ZnO tunnel barriers are prepared by first depositing a metallic layer on the second magnetic layer (e.g., a Mg layer), thereby substantially reducing the oxygen content in this magnetic layer, which improves the performance of the tunnel barriers.