Compatibility 120 Level is not available on CTP1.
Applies to: Microsoft SQL Server 2014 CTP1.
Compatibility level 120 is not available on CTP 1 of SQL Server 2014. 
The following image shows that is not available when you create a new 
database.

The following image shows that compatibility level 120 is not available when we 
tried to change the compatibility level of a database we restored from another 
server.

Finally, you cannot use T-SQL to alter the compatibility level to 120 because an 
error message will appear explaining that is not a valid value.
Msg 15048, Level 16, State 1, Line1
Valid values of the database compatibility level are 90, 100, or 110.
