Drupal: Combining Taxonomy with Node Reference

Scenario: You want to get the taxonomy terms associated with the node the current node references. Make sure you download the node reference url module as this will provide us a link on the referencing node types and also auto-populates a node reference field with a value from the URL

Modules required: node reference url, taxonomy and CCK

Modules configuration:
Taxonomy:
Create a new vocabulary called 'Story Tags'.
Select 'story' from the content types
And check 'Tags, Multi Select and Required'

CCK and node reference url:
Go to content/node-type/page/fields and add a new field:
Label: 'New page'
Name: 'field_new_page'
Type: Node reference
Form element: Node reference url
Then go to admin/content/node-type/page/fields/field_new_page and leave everything but the following as default: Content types that can be referenced: 'Story'

Go to content/node-type/page/fields and add a new field:
Label: 'page tags'
Name: 'field_page_tags'
Type: 'Text'
Form element: 'Select List'
Then go to admin/content/node-type/page/fields/field_page_tags and leave everything but the following as default:
Check 'Required'
Number of values: 'Unlimited'
Allowed Values PHP Code:
$values = array();
$node = node_load(arg(3));
if($node == null) {
$curr = menu_get_object();
$node = node_load($curr->field_new_page[0]['nid']);
}
if($node != null) {
foreach($node->taxonomy as $t) {
$values[$t->name] = $t->name;
}
}
return $values;

Create a new story node and publish it. Now near the links of published node is a 'new page' link. Click that and you will see a new node page form. You should now see a select list filled with all the tags you tagged the story node. Select as many as you like and complete the form and publish it.