This is an old question, but really, while the user interface option has disappeared (or moved), and the documentation is still misleading to this day, you can still reproduce the effect by adding <NoStdLib>True</NoStdLib> to your .csproj next to another options found in the advanced settings:
<Project ToolsVersion="12.0" DefaultTargets="Build" xmlns="http://schemas.microsoft.com/developer/msbuild/2003"> <PropertyGroup> ... <TargetFrameworkVersion>v4.0</TargetFrameworkVersion> <FileAlignment>512</FileAlignment> <NoStdLib>True</NoStdLib> <TargetFrameworkProfile /> </PropertyGroup> ... </Project>
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