inyati,
PI stands for 'persistently infected'. Calves exposed, in utero, to BVD virus, between days 80-140 of gestation, can become infected - for life - but their developing immune system does not recognize the BVD virus as 'foreign', does not mount an immune response against it, and it replicates unhindered, with all body fluids and secretions/excretions containing large amounts of virus.
Not sure what 'IP' you're talking about - do you mean PI3(parainfluenza 3), or IBR(infectious bovine rhinotracheitis, a herpesvirus)? Persistent infection, as encountered with BVD, is not an issue with those two... they both can cause abortion, but not persistent infection, as we view it with regard to BVD.
Antigen-capture ELISA(the test method most commonly used by most 'commercial' labs testing for PI animals - as well as a significant % of AAVLD-accredited veterinary diagnostic laboratories) and immunohistochemical staining of fixed/processed sections of ear notches/skin test for actual presence of BVD virus(antigen) in the tissue or serum(the Ag-capture ELISA we perform can be run on serum or ear notch/skin). Test manufacturers even state that positive test results may occur in animals vaccinated within 3 weeks of testing - but I'll bet that most don't; I suspect that's more of a CYA cautionary statement than anything else.
BVD antibody titers only indicate some prior exposure and response - either by vaccination or exposure to a PI animal or an acutely-infected animal shedding virus. I wouldn't trust, however, a 'natural' exposure to BVD virus to confer lifetime immunity. A measurable antibody titer does not necessarily ensure protection against subsequent exposure challenge.
I'd hazard a guess that >95% of 'positive' animals are true PIs - but the possibility of a recently-vaccinated or recently-infected animal producing a positive test result is out there. If I had a positive reactor in my commercial herd, I'd consider her a PI and do away with her - and that does not mean I'd run her through the sale barn; glad to see that the OP is planning to eat her, rather than dump her on someone else. But, I'd certainly want to make sure that she's penned FAR away from any other cattle. It's unlikely that BVD virus can survive much longer than 3-4 weeks outside the host in the environment or on fomites.
Any other animals exposed to this heifer or her secretions risk infection with BVD virus; at least 25% of stocker/feeder calves I see dead from 'shipping fever' pneumonia have BVD in their lung or gut - are they PIs or acutely-infected animals? I don't know - and in most cases, it's not feasible to attempt to determine that - the producer needs to test remaining animals in an attempt to identify and remove any other PI animals in the group.