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In this Excel tips video, the presenter demonstrates how to quickly remove formulas while keeping the data intact. Using a dataset that includes revenue, expenses, and net income, the tutorial shows how to calculate net income by subtracting expense from revenue. To remove formulas yet retain the values, the user selects the entire dataset, copies it, and then uses the "Paste Special" feature. By selecting the "Values" option in the Paste Special dialog box, the formulas are replaced with their calculated values. After completing this process, the formula bar will only display the values, confirming that the formulas have been removed.