A table cannot have more than one IDENTITY column. If an IDENTITY column is selected more than once, it is defined as NOT NULL in the new table. It does not inherit the IDENTITY property.
In the following example, the record_id column, which is selected once by name, and once by the syb_identity keyword, is defined as NOT NULL in stores_cal_pay60:
select syb_identity, record_id, stor_id, stor_name into stores_cal_pay60 from stores_cal where payterms = "Net 60"