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Error 'ASP 0104 : 80004005' when loading budget services (2012 SP1)

Symptoms
In a project with more than 300 task allocations, the budget dialog fails with the following error when trying to load services:

Error/warning messages
Request object error 'ASP 0104 : 80004005'
Operation not Allowed
/Finance/Budget/dsBudget.asp, line 72


Resolution
Find the website in IIS Manager and go to the "ASP" feature. Increase the “Maximum Requesting Entity Body Limit” property that is found under the "Limits Properties" node.