This script applet stores the tags of the selected iTunes track (as a script property). Later, when you select another track and run the script again, it will paste the stored tags to that track. You are able to choose which tags you want stored.
You may prefer the more modern Multi-Item Edit, which can preserve tags temporarily.
(Note: In order to launch this PowerPC-era script on an Intel machine, it must first be opened and then saved using Script Editor (AppleScript Editor pre-OS X 10.0) which is located in your /Applications/Utilities/ folder. More information is here.)
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