Upgrade to Mountain Lion and LiveCode 5.5.1 Problem

[Colin Holgate]

You need to go into Preferences, Mobile Support, and click on the … button to set the path for the developer root location. When it asks if you are using Xcode 4.2 or later, pick the later option, and then point it at the Xcode application, in the Applications folder.

Once you've done that you can look at the Development menu to see what Test Targets there are. Then in Standalone Settings select a matching version of iOS.