Preheat oven to 325 degrees. Beat butter and cream cheese on medium speed with a mixer until creamy. Gradually add dark brown sugar, beating until well blended. Add eggs, one at a time, beating well after ach addition.
Sift together flour, baking powder, baking soda and salt. Add to butter mixture alternately with sour cream, beginning and ending with flour mixture. Beat batter at low speed just until blended after each addition. Stir in chopped pecans and vanilla. Spoon the batter into a greased and floured Bundt pan. Bake for 1 hour and 15 minutes or until a toothpick inserted comes out clean. Cool cake completely before inverting onto a serving plate.
For Icing: Bring light brown sugar, butter and milk to a gentle boil ina 2-qt saucepan over medium heat, whisking constantly; boil 1 min. Remove from heat; whisk in powdered sugar and vanilla until smooth. Stir gently for 3 to 5 min or until mixture begins to cool and thickens slightly. Pour over cake immediately.
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