I currently have two content types. The first content type has a node reference field referencing the second content type. I have taxonomy terms for the second content type. Is there a way so that when I create content using the first content type, it can get the taxonomy term of the node of the second content type that was referenced?

To elaborate - If second content type has the term 'ABC' and the first content type references to it, then the content created from the first content type should also get 'ABC' as a term.

I hope my wording isn't too complicated. :)