Empty API project has missing references

Question

I'm using VS 2013 and choosing "ASP.NET Web Application" using .net 4.5.1, give it a name then choose the "Empty" template and check the "Web API" box only.

I've added a controller, test() method, built the solution and test in IIS and get error

"Could not load file or assembly 'System.Web.Helpers, Version=3.0.0.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35' or one of its dependencies. The system cannot find the file specified."

If I use the built-in web hosting it works fine.

Current web.config

<?xml version="1.0" encoding="utf-8"?>
<configuration>
  <appSettings></appSettings>
  <system.web>
    <compilation debug="true" targetFramework="4.5.1" />
    <httpRuntime targetFramework="4.5.1" />
  </system.web>
  <system.webServer>
    <handlers>
      <remove name="ExtensionlessUrlHandler-Integrated-4.0" />
      <remove name="OPTIONSVerbHandler" />
      <remove name="TRACEVerbHandler" />
      <add name="ExtensionlessUrlHandler-Integrated-4.0" path="*." verb="*" type="System.Web.Handlers.TransferRequestHandler" preCondition="integratedMode,runtimeVersionv4.0" />
    </handlers>
  </system.webServer>
  <runtime>
    <assemblyBinding xmlns="urn:schemas-microsoft-com:asm.v1">
      <dependentAssembly>
        <assemblyIdentity name="System.Web.Helpers" publicKeyToken="31bf3856ad364e35" />
        <bindingRedirect oldVersion="1.0.0.0-3.0.0.0" newVersion="3.0.0.0" />
      </dependentAssembly>
      <dependentAssembly>
        <assemblyIdentity name="System.Web.Mvc" publicKeyToken="31bf3856ad364e35" />
        <bindingRedirect oldVersion="1.0.0.0-5.2.3.0" newVersion="5.2.3.0" />
      </dependentAssembly>
      <dependentAssembly>
        <assemblyIdentity name="System.Web.WebPages" publicKeyToken="31bf3856ad364e35" />
        <bindingRedirect oldVersion="1.0.0.0-3.0.0.0" newVersion="3.0.0.0" />
      </dependentAssembly>
    </assemblyBinding>
  </runtime>
</configuration>