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It's called the "chicken of the woods" because of its remarkable taste and resemblance to chicken meat when cooked properly. It even has the same texture and the same "peeling" that you have with chicken. The whole fruiting body is usually edible and purportedly more delicious than the "true" chicken of the woods (see reference http://botit.botany.wisc.edu/toms_fungi/...).
Prefers oaks, and is found east of the Rocky Mountains. Laetiporus cincinnatus creates a butt or root rot, so it fruits at the base of the tree or from roots (thus appearing terrestrial).
White pore surface. Flesh is thick; soft and watery when young, then becomes tough, eventually crumbling away. The second photo shows this crumbling.