As shown on the Winslow accident report both were logging the flight time. The aircraft was being operated under FAA rules, given the first para in the quote how could both log the time, a Stearman does not require two pilots? Were they taking advantage of the second para, in which case Ewald was the real PIC, responsible for the overall safety etc of the flight, and TC-T was logging PIC time as "sole manipulator", which she tells us she was?
two pilots may not simultaneously log PIC when one pilot is sole manipulator of the controls and the other is acting as pilot-in-command if the regulations governing the flight do not require more than one pilot...............there are some unusual situations which occur. A private pilot flying with his friend (a CFI or ATP) aboard as a passenger. What is the status of the CFI or ATP (Ewald) who is obviously a more senior pilot with more experience than the private pilot (TC-T)? The regulations don’t address this situation, but the courts may find that the more senior pilot has some or all the responsibility for the operation or safety of the flight.
https://www.faa.gov/about/office_org...AND%20TIME.pdf
FAA LOGGING TIME - LEGAL INTERPRETATIONS
http://www.offhand.org/amb/pic-time.txt