I was also facing this problem trying to run an ASP .NET MVC project after a minor update to our codebase, even though it compiled without errors:
Compiler Error Message: CS0012: The type 'System.Object' is defined in an assembly that is not referenced. You must add a reference to assembly 'System.Runtime, Version=4.0.0.0, Culture=neutral, PublicKeyToken=b03f5f7f11d50a3a'.
Our project had never run into this problem, so I was skeptical about changing configuration files before finding out the root cause. From the error logs I was able to locate this detailed compiler output which pointed out to what was really happening:
warning CS1685: The predefined type 'System.Runtime.CompilerServices.ExtensionAttribute' is defined in multiple assemblies in the global alias; using definition from 'c:\Windows\Microsoft.NET\Framework64\v4.0.30319\mscorlib.dll'
c:\Users\Admin\Software Development\source-control\Binaries\Publish\WebApp\Views\Account\Index.cshtml(35,20): error CS0012: The type 'System.Object' is defined in an assembly that is not referenced. You must add a reference to assembly 'System.Runtime, Version=4.0.0.0, Culture=neutral, PublicKeyToken=b03f5f7f11d50a3a'.
c:\Windows\Microsoft.NET\Framework64\v4.0.30319\Temporary ASP.NET Files\meseems.webapp\68e2ea0f\8c5ee951\assembly\dl3\52ad4dac\84698469_3bb3d401\System.Collections.Immutable.DLL: (Location of symbol related to previous error)
Apparently a new package added to our project was referencing an older version of the .NET Framework, causing the "definition in multiple assemblies" issue (CS1685), which led to the razor view compiler error at runtime.
I removed the incompatible package (System.Collections.Immutable.dll) and the problem stopped occurring. However, if the package cannot be removed in your project you will need to try Baahubali's answer.