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Unrecognized element folderLevelBuildProviders

We recently had a new member join our team and so we started setting up their development machine and project.   Once we had installed Visual studio and .Net 4, we then installed IIS and rebooted the machine.  The issue we got when running the application which is a MVC application hosted locally on IIS was a 500 error returned but no other information.  I checked the IIS Logs to see if there was any other information but there was nothing as well as trying to debug to see whether the application was running at all which it wasn’t.  After looking through around in IIS I clicked on .NET compilation and got the following error:

Unrecognized element 'folderLevelBuildProviders'

To solve this we went to C:\Windows\Microsoft.NET\Framework64\v4.0.30319 and ran the following command which solved the issue for us:

aspnet_regiis -ir

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