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In this Excel tips video, the presenter demonstrates how to remove formulas from Excel while retaining the data. The example involves a data set containing revenue, expenses, and net income, calculated by subtracting expenses from revenue. To keep the net income values without the formulas, you should select the entire data set, copy it, and then use the "Paste Special" option. In the Paste Special dialog box, choose "Values" and click OK. This action pastes only the values, eliminating the formulas. The result is that the formula bar will now show only the net income values, not the underlying formulas.