Custom taxonomy demo

/*create color custom taxonomy for "event" custom post type. */
function dct_tax_color() {
$keyword = 'Color';
    $taxslug = 'color';
    $labels = array(
        'name' => $keyword . 's',
        'singular_name' => $keyword,
        'add_new' => 'Add New',
        'edit' => 'Edit',
        'edit_item' => 'Edit ' . $keyword . 's',
        'new_item' => 'New ' . $keyword . 's',
        'all_items' => 'All ' . $keyword . 's',
        'not_found' => 'No ' . $keyword . ' found',
        'menu_name' => $keyword . 's',
        'view_item' => 'View ' . $keyword,
        'update_item' => 'Update ' . $keyword,
        'add_new_item' => 'Add New ' . $keyword,
        'new_item_name' => 'New ' . $keyword . ' Name',
        'parent_item' => 'Parent ' . $keyword,
        'parent_item_colon' => 'Parent ' . $keyword . ':',
        'search_items' => 'Search ' . $keyword . 's',
        'not_found' => 'No ' . $keyword . ' found.',
    );

    $args = array(
        'labels' => $labels,
        'public' => true,
        'has_archive' => true,
        'rewrite' => array('slug' => $taxslug),
        'exclude_from_search' => false,
        'publicly_queryable' => true,
        'show_ui' => true,
        'map_meta_cap' => true,
        'show_tagcloud' => false,
        'show_admin_column' => true,
        'description' => 'Sub sections of Money Posts',
        'hierarchical' => true,
        'sort' => true,
    );

    register_taxonomy($taxslug, 'event', $args);
}

add_action( 'init', 'dct_tax_color' );