A quick and dirty solution:
- draw a rectangle with about 3/1 height/width ration,
- pull down it's corner handle while holding Ctrl for a rounded corner
- duplicate object (Ctrl+D) and rotate it with 90°
- select both objects and add them together (Ctrl++)
- dynamic offset path -inside-
- preferably convert object to path (Ctrl+Shift+C)
I would draw it in a different way though.
Starting with the * tool to make a polygon, convert it to a path, make nodes smooth, disconnect a segment and delete nodes so it would turn it to an open path, resembling a quarter turn, add a 55% opaque red fill, no stroke; duplicate it several times, position with the align and distribute panel and grouping, then use the node tool to connect the right nodes.
Can be done in minutes, giving a clear description could take much longer.
Tylerdurden's method reminds me of the old idea about making dynamic blocks -a feature that doesn't seems to get implemented soon.
Wondering if only clones of a rectangle could produce that result, because, then it would work the same, by responding to the parent's corner handle.