I am attempting to run an application in IIS8 that has the following in the config:
I've solved the same problem by installing the window features "Internet Information Service/World Wide Web Service/Application Development/ASP.NET x.x" in the Control Panel of Windows8. If you want to setting on Windows Server 2012, the following link gives you hint. http://www.iis.net/learn/get-started/whats-new-in-iis-8/iis-80-using-aspnet-35-and-aspnet-45
hope that it works out.