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In this Excel tips video, the presenter demonstrates how to quickly remove formulas while retaining the data. Starting with a dataset that includes revenue, expenses, and calculated net income values, the method involves selecting the entire dataset, copying it, and then using the "Paste Special" option. In the dialog box, choosing the "Value" option allows the user to paste the values only, eliminating the formulas. After this action, the net income values remain, but the corresponding formulas are removed, as confirmed by the formula bar displaying only the values.