Here is the real scoop on logging time.
PIC can be logged one of two ways.
The captain in command of the flight - and only he - can log PIC under FAR 1. The FO can log SIC under FAR 1.
Reference FAR 1.1
The sole manipulator of the controls - either captain or FO - can log PIC under FAR 61.
Reference FAR 61.51
My suggestion is that if an FO chooses to log TPIC under FAR 61, that you also log the time under FAR 1 SIC. I keep a separate column labeled "FAR 61 TPIC." I have never had any problems or questions from an interviewer about this, but be aware that the requirements for some companies specifically list a certain amount of FAR 1 PIC time.
This is what the FARs and the FAA say. If anyone tells you anything different, ask them for a reference.
That's actually not what the FAR's say. FAR 1 contains definitions and abbreviations used by the FAA and is not applicible to logging flight time. The only FAA regulation pertaining to logging flight time is FAR 61.51. IMHO, the confusion arises because the FAA and many employers see things differently. The FAA's concern is that applicants for certificates and ratings have a certain amount of hands-on experience driving airplanes. Whether or not this experience was obtained while being in command of the aircraft is of no interest to them. The one exception to the rule is that private pilots must have some command experience (solo time) before certification. OTOH, many employers want applicants to have a track record making command decisions while flying. This could be a valuable measure of command experience but it could also be a poor way of comparing hands-on flying experience: The PIC is likely only controlling the aircraft for roughly half the amount of PIC time logged. OTOH, a rated SIC can legally log as PIC only that time that he/she is actually controlling the airplane. Also, the real PIC might be absent from the flight deck during a significant amount of the time logged as PIC during 3 pilot operations. The FAA muddies the water a lot by not separating pilot in control time from pilot in command time. In the Old Navy we had aircraft commander, first pilot, and second pilot categories. The AC time was command time and did not count toward total time or recency of experience. The first pilot and second pilot time was similar to the FAA's PIC/SIC time. The FAA would do well by adopting a similar system.