IPhone Base SDK missing

1. Load your project
2. From the menu, select Project > Edit Project Settings...
3. Under Architecture > Base SDK, choose one of the available device options: iPhone 3.2 or iPhone 4.0. If you are iPhone-only, 4.0 is the way to go.
4. Close that window.
5. From the menu, select Project > Edit Active Target "YourTarget"
6. Under Architecture > Base SDK, choose one of the available device or simulator options: iPhone 3.2 or iPhone 4.0.
7. If you want to target previous iOS versions, then in that same window, under Deployment > iPhone OS Deployment Target, select the lowest version you want to support. Note that support for 2.x versions through the app store is deprecated. See the "Readiness Checklist" quote above.

 

And ,most important, restart xcode