Preheat oven to 325° Fahrenheit.
Grease a 10" Bundt cake pan with vegetable-based shortening . Sprinkle pan with flour lightly to coat all surfaces.
Add flour, baking powder, soda, nutmeg, and salt to a medium-sized mixing bowl. Be sure to whisk until combined.
Add butter and granulated sugar to your stand mixer over medium speed. With the paddle attachment, cream until butter is fluffy.
Slowly add in eggs and combine over low speed.
Add eggnog and extract and combine. Use a rubber spatula to scrape down the sides of the bowl to combine.
Slowly add in dry ingredients and mix. Batter will be thick, golden yellow in color, and lump-free.
Carefully add batter to your prepared Bundt cake pan.
Bake on medium oven rack for 65-75 minutes or until a toothpick inserted into the center of the cake is cleaned when removed.
Once cake is done, the top should be springy and a deep golden brown color. Allow cake to cool for one hour before gently removing it from the pan.