Creates a custom post type and custom taxonomy that allows the taxonomy to be hierarchical. Creates the permalink stucture for the parent and child taxonomies.  This will give you the the URL like domain.com/books/non-fiction/biography/george-washington/ or domain.com/custom_post_type_slug/parent_taxonomy/child_taxonomy/custom_post_type/. In this example if you would like the URL domain.com/books/, create a page named books.  Create a template page-books.php with your own WP_Query.