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Phlebia incarnata or Merulius incarnatus
A beautiful specimen found among false turkey tail (Stereum ostrea), faded red in color with a white border. Approx 3.5" at widest point.
Deciduous forest understory on rotting wood.
Thank you for providing clarification, Lisa. I have amended my spotting to incorporate your information.
Also called "Merulius incarnatus," and just to be clear it is found growing with FALSE turkey tail--Stereum ostrea.