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In this Excel tutorial, the presenter demonstrates how to remove formulas from a dataset while retaining the values. The dataset includes revenue, expenses, and net income, which is calculated by subtracting expenses from revenue. To remove the formulas, the user should select the entire dataset, copy it, then right-click and choose "Paste Special." In the Paste Special dialog box, selecting the "Values" option allows the user to paste only the values without any formulas. After clicking OK, the formula bar will display only the values, confirming that the formulas have been successfully removed.