Preheat oven to 375ºF.

Grease and flour a 10-inch Bundt pan.

In an electric mixer, cream together sugar and butter until fluffy.

Add eggs one at a time along with extracts.

Sift together the flour, baking soda, salt, and nutmeg.

Add flour mixture to mixer alternatively with small amounts of eggnog; continue mixing until  you have added all of those and the batter is smooth.

Pour mixture into prepared pan and smooth down the top.

Bake for 70 minutes or until a toothpick can be removed from cake without wet batter.

Cool in pan for 15 minutes, then turn out of the pan and finish cooling on a wire rack.

Dust with powdered sugar before serving.

Would also go wonderfully with any kind of fruit compote or macerated fruit, such as berries, along with a dollop of whipped cream.