Flare Tokens - XRP

Hi Guys,
Flare Networks will issue a 1:1 air-drop for approved XRP wallets.
What are the reporting requirements for this FLARE airdrop and/or tax implications for those of us who receive the airdrop? As I understand it, airdrops that have actual value are taxable events, right? When does this need to be reported to the IRS and how should this be reported? Thanks,C