Project A has a reference to Project B. Project A runs on .NET 4.0 (CLR 4) and Project B run on .NET 3.5 (CLR 2). Is it true that while running Project A, Project B runs on CLR 4 (in other words, the referenced assembly runs the same CLR version as the calling assembly)?
I tried this on two projects and verified using the Environment. Version property on Project B, and that's how it works.