WASHINGTON - The Federal National Mortgage Association said that it has been notified of a favorable decision by the U.S. Tax Court on certain hedging losses deducted by the corporation on its 1984 and 1985 tax returns.

Vice Chairman Franklin Raines had told financial analysts recently that an unfavorable ruling could cost Fannie Mae about $300 million.

Fannie Mae said the Tax Court decided in favor of the corporation's position that the losses should be characterized as ordinary and not capital losses.

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