Preheat oven to 325 degrees.
Grease and flour a tube pan.
Cream butter, shortening, and sugar together in electric mixer until light and fluffy.
Add well-beaten eggs to shortening mixture and and combine well.
In a separate bowl combine flour and baking powder.
Add flour mixture alternately with milk and beat together untiil batter mixture is smooth.
Pour batter into prepared tube pan and bake 1 hour and 15 minutes at 325 degrees (or until inserted toothpick comes out clean). Be aware that this cake is VERY moist because of all the extracts.
Allow cake to cool thoroughly in pan (probably around 30 minutes on a wire rack).
Once cake has cooled run a butter knife around the edge of the pan and around the center post. This will help to loosen the pan so that it stays in one piece when you remove it from the pan.
Put a plate or other flat dish on top of the tube pan and flip the pan upside down so that the cake "slips" out of the pan.
You'll now see that the bottom of the tube pan (the piece with the post) is still stuck to the bottom of your cake. Take the butter knife and insert it between the bottom of the cake and the pan so that you can remove the pan from the cake.
To turn the cake right side up, I simply put a plate on the bottom of the cake so that the cake is now between two plates and I flip the cake over. (This isn't as hard as it sounds!)
Combine liquid ingredients for glaze into small sauce pan and bring to a boil.
Add sugar and stir until melted.
Using a long skewer or ice pick, poke holes into the cake.
Pour glaze over the cake and into the holes so that it seeps into the cake.