(as defined in section 1400Z–2(d)(3))— (1) which is a trade or business of a qualified opportunity fund, (2) in which a qualified opportunity fund holds qualified opportunity zone stock, or (3) in which a qualified opportunity fund holds a qualified opportunity zone partnership interest. (c) Other terms Any term used in this section which is also used in subchapter Z of chapter 1 shall have the meaning given such term under such subchapter. . (2) Penalties (A) In general Part II of subchapter B of chapter 68 of the Internal Revenue Code of 1986 is amended by inserting after section 6725 the following new section: 6726. Failure to comply with information reporting requirements relating to qualified opportunity funds (a) Information returns by qualified opportunity funds (1) In general In the case of any person required to file a return under section 6039K fails to file a complete and correct return under such section in the time and in the manner prescribed therefor, such person shall pay a penalty of $500 for each day during which such failure continues. (2) Limitation (A) In general The maximum penalty under this subsection on failures with respect to any 1 return shall not exceed $10,000. (B) Large qualified opportunity funds In the case of any failure described in paragraph (1) with respect to a fund the gross assets of which (determined on the last day of the taxable year) are in excess of $10,000,000, subparagraph (A) shall be applied by substituting $50,000 for $10,000 . (3) Reduction where correction in specified period If any failure described in paragraph (1) is corrected on or before the day 60 days after the due date (including extensions) for filing the return, the penalty imposed by paragraph (1) shall be $500 in lieu of the amount determined under such paragraph. (4) De minimis errors If— (A) there are one or more such failures described in paragraph (1) relating to an incorrect dollar amount, and no single amount in error differs from the correct amount by more than $100, or (B) there are one or