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In this Excel tutorial, the presenter demonstrates how to remove formulas from a dataset while retaining the data. By selecting the data, copying it, right-clicking, and choosing "paste special" with the "values" option, the formulas are removed and only the data remains. This process ensures that the net income value, calculated by subtracting expenses from revenue, is preserved. By pasting values only, the formulaic calculations are eliminated, leaving only the final values in the dataset.