I am having an issue setting up a local site.
The project is using ASP.NET Framework 4.0 and I have my DefaultAppPool to use 4.0 with Managed Pipeline Mode as Integrated
I was facing the same issue. When i checked at App pool.NET framework version it was v2.0. My application was with 4.0 compatible. I ran below commands which has fixed the issue and now I am able to get my web services
C:\Windows\Microsoft.NET\Framework\v4.0.30319\aspnet_regiis.exe -i
C:\Windows\Microsoft.NET\Framework64\v4.0.30319\aspnet_regiis.exe -i
However after running those commands the default .NET framwork also changed to v4.0