Using visual studio 2012 on windows 8 x64 aparantly this is caused by msbuild being moved into .net but I havn\'t seen how to fix it yet.
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I was getting the same error with building USBView project in VS2015. I removed this error by selecting 'Platform Toolset' settings to to "Visual Studio 2015 (v140)" and than right click on solution (in VS2015) and select 'Retarget Solution' and selected 10.0.10240.0 on that dialog.
It seems like there is also ProjectUpgradeTool from microsoft which is suppose to convert older projects to upgrade to post VS2012 VS but I couldn't locate that tool on my machine.
I still have to fix some new linker error with help of this.