Yes, you should check the box for the Section 743(b) election. This is a "sub" election under Section 754.
This adjustment should reduce your tax as it is a deduction.
This is a complicated area of the partnership provisions......well actually all partnership provisions are complicated.
I assume from the limited facts that you acquired an interest in the LLC and paid more than the adjusted basis, which is also known as the inside basis. Since you paid more, the assets were stepped-up to equalize this difference and that is why you are receiving additional depreciation allocated to you. This provision alleviates you from potentially paying tax a second time.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
