Thank you one and all for your help in ID-ing the tree, as well as our official nick name of it as a Bacon Tree! My DH moved it yesterday to the front yard where some grass had died from the drought. Little guy is over 8 feet tall!
I'm glad I'm not the only one that thinks it looks like bacon. lol The "bacon" looks to me like it might be some type of mushroom, but that's just my guess as I always have more questions than answers.
Central Texas gardeners call this tree 'bat-wing' elm. Montgomery County gardeners call it 'wing' elm. They are hardy, long lived, and some have beautiful fall color. They will sprout in the yard from seed. Some put them in the catagory of, 'oh, not another one!' I like bacon tree for the name.