I actually think this is a core bug, but reporting it here so others can find it. Here's the issue in the core queue:

#1281732: Fatal error when taxonomy_options_list() tries to call an undefined callback function

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danweasel’s picture

danweasel commented

I'm having this issue myself, was playing with various access modules and decided to not use TAC...only to find fatal errors.

Re-enabling and not actually configuring it to do anything until a fix is in.