1. He has great taste in fashon.

(Would you like to paraphrase the sentence? What other words can we use instead of 'taste'? What is the meaning of 'taste' in the sentence?)

http://www.answers.com/topic/taste

Scroll down a bit and read the noun definitions, #s 6, 7, and 8 -- especially #7 for this sentence.

To paraphrase, you could use "judgment" in place of "taste."

The sentence "He has great taste in fashion" can be paraphrased as "He has great fashion sense." Instead of 'taste,' we can also use words like 'discernment' or 'judgment.' In this context, 'taste' refers to someone's ability to choose or appreciate fashionable clothing.