Node reference field share between two content types
I'm not sure you can do it with Conditional Fields, so I did it with a custom code. You have to :


Hook on your form
Get referenced node
Get its taxonomy value(s)
Check this values in your term reference field.

function MYMODULE_form_alter(&amp;$form, &amp;$form_state, $form_id) {    
    if($form_id == "page_node_form") {
        $form['field_OUTLETS']['#prefix'] = '&lt;div id="mytaxofield"&gt;';
        $form['field_OUTLETS']['#suffix'] = '&lt;/div&gt;';
        $form['field_STOREREFERENCE']['und']['#ajax'] = array(
            'callback' =&gt; 'MYCALLBACK',
            'wrapper' =&gt; 'mytaxofield',
            'method' =&gt; 'replace',
            'effect' =&gt; 'fade',
        );
    }
}

function MYCALLBACK($form, $form_state) {
    if(!empty($form_state['input']['field_STOREREFERENCE'])) {
        $nr = node_load($form_state['input']['field_STOREREFERENCE']['und']);
        foreach($nr-&gt;field_OUTLETS['und'] as $delta =&gt; $value) {
            // Add term to default values
            $form['field_OUTLETS']['und']['#default_value'][] = $value['tid'];
            // As it's not enough (I might need help on that one), I force it with the '#checked' value
            $form['field_OUTLETS']['und'][$value['tid']]['#checked'] = TRUE;
        }
        $form['field_OUTLETS']['und']['#default_value'] = drupal_map_assoc($form['field_OUTLETS']['und']['#default_value']);
    }
    return $form['field_OUTLETS'];
}