MushrOOms

One of the most common fungi to be found in the woods is Trametes versicolor, the turkey tail fungus. The common name come from the banding pattern on the fruiting bodies that resembles (in miniature, of course) the tail of a strutting turkey. The colors of the bands can be quite variable, depending on the genetics of the organism and its environment. Most of the bands are dark to light brown in color, alternating with light colored bands of white to tan, with still more bands of blue, orange, maroon, and other. The can be strikingly beautiful, and are among the most easily found fungi. The species has a widespread distribution, having been found in nearly every state in the United states and in most other countries. You probably have this fungus where you live! Trametes versicolor can be a very prolific fruiter, as seen in this 0.5 m tall stump covered with hundreds of fruiting bodies.

http://www.fcps.edu/islandcreekes/ecology/turkey_tail.htm
http://botit.botany.wisc.edu/toms_fungi/aug97.html