Magnolia tree help

Lightning strike? If so, it’s probably a goner … eventually.

This may be an odd question, but is it IN the tree or ON the tree?

Is there bark under the black part, or does the bark seem to be missing?

I would email your local extension office with the pictures as well, they can recommend fungicides or an arborist for a better look.

It looks like there's another trunk so maybe the fungus could be contained and the whole tree doesn't have to come down