This description is wrong:
Creates an identity column in a table. This property is used with the CREATE TABLE and ALTER TABLE Transact-SQL statements.
This will not work:
ALTER TABLE [Attachments]
ALTER COLUMN [ID] INT NOT NULL IDENTITY (2, 1)
So even though the docs says you can use IDENTITY in an ALTER statement.
Here is an article that discusses this issue.
http://www.sqlmag.com/Article/ArticleID/22080/sql_server_22080.html