I am getting the error:
HTTP Error 500.21 - Internal Server Error Handler \"CloudConnectHandler\" has a bad module \"ManagedPipelineHandler\" in its module list
I got this error on my ASP.Net 4.5 app on Windows Server 2012 R2.
Go to start menu -> "Turn windows features on or off". A wizard popped up for me.
Click Next to Server Roles
I had to check these to get this to work, located under Web Server IIS->Web Server-> Application Development (these are based on Jeremy Cook's answer above):
Then click next to Features and make sure the following is checked:
Then click next and Install. At this point, the error went away for me. Good luck!