csharp/csproj_templates/PL40.csproj

<Project ToolsVersion="4.0" DefaultTargets="Build" 
         xmlns="http://schemas.microsoft.com/developer/msbuild/2003"
         xmlns:cs="urn:schemas-csharp-project:template">
  <PropertyGroup>
    <MinimumVisualStudioVersion>10.0</MinimumVisualStudioVersion>
    <EnvironmentFlavor>PORTABLE_LIBRARY</EnvironmentFlavor>
    <EnvironmentTemplate>PL40</EnvironmentTemplate>
    <ProjectTypeGuids>{786C830F-07A1-408B-BD7F-6EE04809D6DB};{FAE04EC0-301F-11D3-BF4B-00C04F79EFBC}</ProjectTypeGuids>
    <TargetFrameworkVersion>v4.0</TargetFrameworkVersion>
    <TargetFrameworkProfile>Profile1</TargetFrameworkProfile>
  </PropertyGroup>
  <PropertyGroup Condition=" '$(Configuration)|$(Platform)' == 'Debug|AnyCPU' ">
    <OutputPath>bin\PL40\Debug</OutputPath>
    <IntermediateOutputPath>obj\PL40\Debug\</IntermediateOutputPath>
    <DefineConstants>$(DefineConstants);NOSERIALIZABLE;NOSORTEDLIST</DefineConstants>
  </PropertyGroup>
  <PropertyGroup Condition=" '$(Configuration)|$(Platform)' == 'Release|AnyCPU' ">
    <OutputPath>bin\PL40\Release</OutputPath>
    <IntermediateOutputPath>obj\PL40\Release\</IntermediateOutputPath>
    <DefineConstants>$(DefineConstants);NOSERIALIZABLE;NOSORTEDLIST</DefineConstants>
  </PropertyGroup>
  <ItemGroup>
    <Reference Include="System.Core" />
  </ItemGroup>
  <Import cs:Precondition=" '$(EnvironmentProjectType)' != 'TEST' "
          Project="$(MSBuildExtensionsPath32)\Microsoft\Portable\$(TargetFrameworkVersion)\Microsoft.Portable.CSharp.targets" />
  <!-- Portable Library will be tested as silverlight -->
  <PropertyGroup cs:Precondition=" '$(EnvironmentProjectType)' == 'TEST' ">
    <ProjectTypeGuids>{A1591282-1198-4647-A2B1-27E5FF5F6F3B};{fae04ec0-301f-11d3-bf4b-00c04f79efbc}</ProjectTypeGuids>
    <ValidateXaml>false</ValidateXaml>
    <ThrowErrorsInValidation>false</ThrowErrorsInValidation>
    <TargetFrameworkProfile />
  </PropertyGroup>
  <cs:Import Project="SLTest.targets" cs:Precondition=" '$(EnvironmentProjectType)' == 'TEST' " />
  <Import cs:Precondition=" '$(EnvironmentProjectType)' == 'TEST' "
          Project="$(MSBuildExtensionsPath32)\Microsoft\Silverlight\$(SilverlightVersion)\Microsoft.Silverlight.CSharp.targets" />
  <!-- To modify your build process, add your task inside one of the targets below and uncomment it. 
       Other similar extension points exist, see Microsoft.Common.targets.
  <Target Name="BeforeBuild">
  </Target>
  <Target Name="AfterBuild">
  </Target>
  -->
  <ProjectExtensions cs:Precondition=" '$(EnvironmentProjectType)' == 'TEST' ">
    <VisualStudio>
      <FlavorProperties GUID="{A1591282-1198-4647-A2B1-27E5FF5F6F3B}">
        <SilverlightProjectProperties />
      </FlavorProperties>
    </VisualStudio>
  </ProjectExtensions>
</Project>