When building a WPF project the following error is shown, this built fine in the last 16.3.x version that was released.

C:\Program Files\dotnet\sdk\3.1.100\Sdks\Microsoft.NET.Sdk.WindowsDesktop\targets\Microsoft.WinFX.targets(225,9): error MC1000: Unknown build error, 'Could not find assembly 'mscorlib, Version=2.0.5.0, Culture=neutral, PublicKeyToken=7cec85d7bea7798e'. Either explicitly load this assembly using a method such as LoadFromAssemblyPath() or use a MetadataAssemblyResolver that returns a valid assembly.'

The project file:

<Project Sdk="Microsoft.NET.Sdk.WindowsDesktop">

  <PropertyGroup>
    <OutputType>Library</OutputType>
    <TargetFramework>net461</TargetFramework>
    <UseWPF>true</UseWPF>
    <Platforms>x86</Platforms>
    <GeneratePackageOnBuild>false</GeneratePackageOnBuild>
    <Version>1.0.0</Version>
    <Description></Description>
    <FileVersion>1.0.0.0</FileVersion>
    <AssemblyVersion>1.0.0.0</AssemblyVersion>
    <ApplicationIcon />
    <StartupObject />
  </PropertyGroup>

</Project>