First, we can write this expression as:
#(24x^2y^6 - 16x^6y^2 + 4xy^2)/(4xy^2)#
Or
#(24x^2y^6)/(4xy^2) - (16x^6y^2)/(4xy^2) + (4xy^2)/(4xy^2)#
Next, we can cancel common terms in each of the fractions:
#(color(red)(cancel(color(black)(24)))6color(green)(cancel(color(black)(x^2)))xcolor(purple)(cancel(color(black)(y^6)))y^4)/(color(red)(cancel(color(black)(4)))color(green)(cancel(color(black)(x)))color(purple)(cancel(color(black)(y^2)))) - (color(red)(cancel(color(black)(16)))4color(green)(cancel(color(black)(x^6)))x^5color(purple)(cancel(color(black)(y^2))))/(color(red)(cancel(color(black)(4)))color(green)(cancel(color(black)(x)))color(purple)(cancel(color(black)(y^2)))) + color(red)(cancel(color(black)(4xy^2)))/color(red)(cancel(color(black)(4xy^2))) =>#
#6xy^4 - 4x^5 + 1#