Should I report this infraction on Masters applications?
No, you don't need to report it, and in the US it won't be reported either due to privacy laws. The school handled it and it is done.
Move on.
I worry about the professor, actually. If you cited the original it isn't plagiarism in fact. But if you quote it (rather than paraphrasing)with citation then it should be clearly &quot;quoted&quot; using some sort of writing convention, such as quote marks. Paraphrasing &quot;incorrectly&quot; doesn't make sense to me unless you somehow misunderstood and changed the meaning. That isn't academic misconduct of the same sort.
This shouldn't be a future issue in any case.