Instructions:
Preheat oven to 325°F (163°C). Grease and flour a Bundt or tube cake pan generously.
In a large bowl, cream together butter, shortening, and sugar until light and fluffy (5–7 minutes).
Add eggs one at a time, beating well after each addition.
In a separate bowl, whisk together flour, baking powder, and salt.
Add dry ingredients to the butter mixture alternately with milk, beginning and ending with flour. Mix just until combined.
Stir in vanilla (and optional lemon or almond extract).
Pour the batter into the prepared pan and smooth the top.
Bake for 1 hour 15 minutes to 1 hour 30 minutes, or until a toothpick inserted in the center comes out clean.
Cool in the pan for 10–15 minutes, then invert onto a wire rack to cool completely.
For glaze: mix powdered sugar, milk (or lemon juice), and vanilla until smooth. Drizzle over cooled cake.