Position a rack in the lower third of the oven and preheat to 325 degrees F. Butter and flour a 12-cup fluted tube or Bundt pan.
Sift the flour, nutmeg and salt into a medium bowl. Whisk the half-and-half, vanilla and almond extracts and eggs in a large liquid measuring cup or bowl.
Beat the butter in a large bowl, using an electric mixer, on medium speed until smooth, about 1 minute. Reduce the speed to low and slowly add the granulated sugar. Once all the sugar is incorporated, increase the speed to medium and beat until light and fluffy, scraping down sides of the bowl occasionally, about 4 minutes. Beat in the orange and lemon zests. Reduce the speed to low, gradually beat in the flour mixture until incorporated and then slowly beat in the egg mixture. Stir a few times with a rubber spatula to ensure the batter is well mixed (it will be thick).
Scrape the batter into the prepared pan and smooth the top. Bake until a toothpick inserted into cake comes out clean and the top springs back when lightly pressed, about 1 1/2 hours. Cool in the pan on a wire rack for 10 to 15 minutes, then invert the cake onto the rack to cool completely.
Dust the cake with confectioners? sugar if using.
When measuring flour, we spoon it into a dry measuring cup and level off the excess. (Scooping directly from the bag compacts the flour, resulting in dry baked goods.)
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