show images for taxonomy terms in referenced node
I beleive you can achieve this with the normal "Term reference" field, and a custom template file: field--field_my_custom_field.tpl.php in your theme folder which renders the image. You can access the value of your custom field through $items[$key]['#options']['entity']-&gt;field_my_custom_field where $key is the array index (if you have more than 1 value for this field, first item is index 0, second is 1 etc, usually you should just loop through the $items like foreach($items as $item) and then you can do $item['#options']['entity']-&gt;field_my_custom_field)

You may need to have a field.tpl.php (copy from root/modules/field/theme then duplicate it and rename the duplicate into field--field_my_custom_field.tpl.php) in your theme folder in order for it to work (or templates folder inside your theme folder, basically same folder as your custom field--field_my_custom_field.tpl.php) (Not 100% sure, but this was the case in Drupal 6)

API documentation for field.tpl.php

This may also come in handy: taxonomy-term.tpl.php

Sorry for unsure answer with a lot of unknowns, just trying to help :)