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In this Excel tips video, the presenter demonstrates how to remove formulas while retaining the data. They use a dataset that includes revenue, expenses, and net income, which is calculated by subtracting expenses from revenue. To eliminate the formulas while keeping the net income values, the presenter suggests selecting the entire dataset, copying it, and then using "Paste Special." In the "Paste Special" dialog box, choosing the "Values" option removes the formulas, leaving only the numerical values. After pasting, the formula bar displays only the values, confirming that the formulas have been successfully removed.