What effect does TRUNCATE TABLE have on a column's identity counter (for e.g.: PK_ID INT identity(1,1) )?

189.

Retains the counter

Resets the counter to the original seed number

If the table contains an identity column, the counter for that column is reset to the seed value defined for the column. If no seed was defined, the default value 1 is used. To retain the identity counter, use DELETE instead.