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In this Excel tips video, the tutorial demonstrates how to remove formulas while retaining data in Excel. The example uses a dataset with revenue, expense, and net income values, where net income is calculated as revenue minus expense. To keep the net income values without the formulas, the user selects the entire dataset and copies it. They then right-click and choose "Paste Special," selecting the "Values" option in the dialog box. Clicking OK pastes only the values, removing the formulas. As a result, the formula bar displays the values instead of the formulas for the selected cells.