http://kvcodes.com/2014/03/creating-permalink-for-custom-post-types/

gistfile1.phtml

function kv_recipe_permalinks( $permalink, $post ) {
    if ( $post->post_type !== 'recipes' )
        return $permalink;
 
    $terms = get_the_terms( $post->ID, 'occasion' );
 
    if ( ! $terms )
        return str_replace( '%occasion%/', '', $permalink );
 
    $post_terms = array();
    foreach ( $terms as $term )
        $post_terms[] = $term->slug;
 
    return str_replace( '%occasion%', implode( ',', $post_terms ) , $permalink );
}
 
add_filter( 'term_link', 'kv_add_term_parents_to_permalinks', 10, 2 );
 
function kv_add_term_parents_to_permalinks( $permalink, $term ) {
    $term_parents = kv_get_term_parents( $term );
 
    foreach ( $term_parents as $term_parent )
        $permlink = str_replace( $term->slug, $term_parent->slug . ',' . $term->slug, $permalink );
 
    return $permlink;
}
 
function kv_get_term_parents( $term, &$parents = array() ) {
    $parent = get_term( $term->parent, $term->taxonomy );
 
    if ( is_wp_error( $parent ) )
        return $parents;
 
    $parents[] = $parent;
 
    if ( $parent->parent )
        kv_get_term_parents( $parent, $parents );
 
    return $parents;
}