The description is an 'extended property' implemented in SQL Server. It is not part of the SQL Standard DML, so it cannot be accessed by DML code such as ALTER TABLE.
There are a number of system stored procedures sych as sp_addextendedproperty and sp_updateextendedproperty which allow you to create and/or update these things. IMO, they are more than a little annoying to use. YMMV.
Jeff Mason
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