Beat butter and sugar at medium speed with an electric mixer until light and fluffy. Add eggs, 1 at a time, beating just until the yellow disappears after each addition. Add extracts, beating just until blended. Gradually add flour, beating at low speed until combined. Add milk, beating until smooth. Pour batter into a greased and floured 12-cup Bundt pan.
Bake at 325° for 1 hour and 20 minutes or until a long wooden pick inserted in center of cake comes out clean. Cool in pan on a wire rack 15 minutes. Remove from pan; cool completely on wire rack. Serve with desired toppings.