error CS0012: The type 'System.Object' is defined in an assembly that is not referenced. You must add a reference to assembly 'System.Runtime, Version=4.0.0.0, Culture=neutral, PublicKeyToken=b03f5f7f11d50a3a'.

error CS0012: The type 'System.Object' is defined in an assembly that is not referenced. You must add a reference to assembly 'System.Runtime, Version=4.0.0.0, Culture=neutral, PublicKeyToken=b03f5f7f11d50a3a'."

To solve the issue modify the web config compilation tag as per the following

<compilation debug="true" targetFramework="4.5" >
            <assemblies>
             <add assembly="System.Runtime, Version=4.0.0.0, Culture=neutral, PublicKeyToken=b03f5f7f11d50a3a"/>
              </assemblies>
              </compilation>

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