In a large mixing bowl, cream together butter and cream cheese. Gradually add sugar, beating until light and fluffy, about 5-7 minutes. Add eggs, one at a time, beating well after each addition. Gradually add flour; beat just until blended. Stir in vanilla and almon extract.
Pour into a greased and floured 10-inch tube or bundt pan. Bake at 300 degrees for 1 1/2 hours or until cake tests done. Cool in pan 15 minutes before removing to a wire rack to cool completely.