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In this tutorial, Greg from SharePoint Maven demonstrates how to conditionally hide fields in a SharePoint list or document library using a formula. He presents a document library with two metadata columns: a status column (with options for active and inactive) and an expiration date field. The goal is to ensure that the expiration date field only appears when the status is marked as active. If a document's status is set to inactive, the expiration date field should be hidden. Greg explains that this functionality allows users to only see relevant fields, streamlining the metadata input process.