I experienced this same error during an Installation of 2014 Premium today. There ended up being some issues with the SQL Database that had to be resolved in order for this error to go away. I found your thread and thought I would update it with my possible resolution.

Here are the steps that I took:

Preparation:

• Ran Workstation Setup
• Uninstalled Sage 100 2014 from "Add/Remove Programs"

Execution:

• Manually Deleted the MAS_SYSTEM and MAS_XXX Databases that were remaining via SQL Mgmt Studio
• Manually Removed the MAS_Reports and MAS_User Logins via SQL Mgmt Studio
• Rebooted the Server
• Deleted all Contents of the C:\Sage\Sage 100 Premium ERP\MAS90 that were left over from the installation
• Deleted all Contents of the C:\Program Files\Microsoft SQL Server\MSSQL10_50.MSSQLSERVER\MSSQL\Backup folder referencing MAS_SYSTEM and MAS_xxx (Use Caution with this step and anytime deleting SQL Files from the "Back End" - ALWAYS MAKE BACKUPS)

Theoretically, a complete reinstall of MS SQL from scratch probably would have resolved the issue. This was on a Server 2008 R2 with SQL Server 2008 R2. 

We were getting the same error. I tried the steps mentioned by OcDiscGolfer, but got the same error. We ended up getting it to work by manually creating the MAS_System database on the SQL Server before installing. It can just be left with mostly default values and the Sage Installation will fix any of the settings, and then add the tables.