I bear solemn witness that we are true and full believers in the Lord Jesus Christ and in His revealed word through the Holy Bible. We not only believe the Bible—we strive to follow its precepts and to teach its message."
Elder Ballard in Our Search for Happiness elaborates on the "timeless and inspired teachings" of the Bible and how it and the Book of Mormon "serve as companion volumes of scripture, each one reinforcing the doctrines of the other"(Page 44).
Nephi beautifully captured the Latter-day Saint view of the Bible in relationship to the Book of Mormon when he wrote that:
"Wherefore, the fruit of thy loins shall write; and the fruit of the loins of Judah shall write; and that which shall be written by the fruit of thy loins, and also that which shall be written by the fruit of the loins of Judah, shall grow together, unto the confounding of false doctrines and laying down of contentions, and establishing peace among the fruit of thy loins, and bringing them to the knowledge of their fathers in the latter days, and also to the knowledge of my covenants, saith the Lord." (2 Ne 3:12)
We as Latter-day Saints do not favor one book of scripture over the other. While it is true that we consider the Book of Mormon as the "most correct of any book" in terms of laying out the fundamentals of the plan of redemption, we highly revere the Holy Bible and its inspired teachings as far as it is translated correctly.