Slappy
The only time the FAA allows two pilots to log P1 time is in the case of a non-instrument rated pilot receiving Instrument Instruction for the attainment of his Instrument rating in actual IMC conditions by a certified Instrument flight instructor under an Instrument flight plan filed in the name of the said Instructor.
Not true under FAA regs.
<a href="http://www.awp.faa.gov/new/fsdo/art_pilot.htm" target="_blank">Logging PIC - FAA web site</a>
[quote]. .Normally, a safety pilot, required by regulations, who scans for traffic for a pilot flying under simulated instrument conditions is not pilot-in-command and thus logs second-in-command. However, if the two pilots agree that the safety pilot is designated pilot-in-command, the safety pilot/pilot-in-command may log PIC since he is the pilot responsible for the operation and safety of the aircraft. The pilot flying is "sole manipulator of the controls for which the pilot is rated"" and may also log PIC. Therefore, two private pilots may log PIC under these conditions.. .<hr></blockquote>
This happens all the time.
I've heard of operations with three logging PIC.
Sole manipulator of controls under hood - LHS. .Legal PIC & safety pilot - RHS.. .CFII giving 'instruction' - Back Seat