Toboggan holding wood that's been cut (7)
I believe the answer is:
slashed
'cut' is the definition.
(similar in meaning)
'toboggan holding wood' is the wordplay.
'toboggan' becomes 'sled' (toboggan is a type of sled).
'holding' means one lot of letters goes inside another.
'wood' becomes 'ash' (wood from an ash tree).
'sled' going around 'ash' is 'SLASHED'.
'that's been' acts as a link.
I am not very happy about this link. Some or all of it may be part of another bit of the clue.
Can you help me to learn more?
(Other definitions for slashed that I've seen before include "Cut or gashed with knife, being hassled" , "vandalised?" .)