Notice (2018-05-24): bugzilla.xamarin.com is now in
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XS does not use the MSBuild 12.0 toolset when the project ToolVersion is 12.0.
Note: Using the incorrect toolset causes the build to fail.
This is fixed for Windowsbut the Mac fix is blocked on shipping the fix for 16791 in a Mono release.
Closing this. ToolVersion 12.0 is supported now although Xamarin Studio should be using xbuild 14.0 to build the project.