This is caused when 4.0 components are not properly installed on the IIS Server. To resolve it, you can run this command:
>aspnet_regiis.exe –iru
That exe is found here:
- 32-bit systems: %SystemRoot%\Microsoft.NET\Framework\v4.0.30319
- 64-bit systems: %SystemRoot%\Microsoft.NET\Framework64\v4.0.30319