Allocating rhymes with:
misallocating, reallocating, complicating, misallocating, reallocating, advocating, authenticating, communicating, complicating, deprecating, domesticating, educating, equivocating, eradicating, extricating, indicating, lubricating, misallocating, pontificating, predicating, prognosticating, reallocating, reciprocating, self-deprecating, suffocating
Allocating sounds like:
algodones, allegations, allocations