Cream butter and shortening; gradually add sugar, beating well. Add eggs, one at a time, beating well after each addition. Alternately, add flour and eggnog to creamed mixture, beginning and ending with flour.
Mix just until blended after each addition.
Stir in coconut and flavorings.
Pour batter into greased and floured 10 inch tube pan.
Bake at 325 degrees for 90 minutes or until a wooden toothpick inserted in center of cake comes out clean.
Cool in pan 10 minutes, remove from pan and cool completely on a wire rack.