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I called the Feds over this years ago. I was told if you are typed in the aircraft and you are soul manipulator of the controls then you are the PIC in the feds eyes. I called FSDO's and DC and they all said the same thing.
More importantly, can I log X-Country from ORD to PWK?
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.
How's the back? I like ibuprophen, but I'm sure just rest is good...
Hope it gets better.