Cream butter and shortening and gradually add sugar, beating well at medium speed of an electric mixer.
Add eggs, one at a time, beating well after each addition.
Add flour to creamed mexture alternately with eggnog, beginning and ending with flour.
Mix just until blended after each addition and stir in coconut and flavorings.
Pour batter into a greased and floured 10" tube pan and bake at 325 degrees for 1 hour and 30 minutes or until a wooden pick inserted in center of cake comes out clean.
Cool in pan 10 minutes; remove from pan and cool completely on a wire rack.