Red version of Taoism (6)
I believe the answer is:
maoist
'red' is the definition.
(thesaurus)
'version of taoism' is the wordplay.
'version of' indicates anagramming the letters.
'taoism' with letters rearranged gives 'MAOIST'.
(Other definitions for maoist that I've seen before include "Devotee once of the little red book" , "Marxist supporter" , "Political ideologist" , "Advocate of a Chinese form of communism" , "supporter of old Communist" .)