Coat a 10 cup tube pan or bundt pan with solid vegetable shortening and sugar or Wilton cake release.
Preheat oven to 350°F
In the bowl of an electric mixer, beat butter and cream cheese until smooth.
Add sugar and beat until fluffy. The mixture will lighten in color slightly.
Add eggs one at a time, beating after each addition.
Slowly add flour to the mixture and combine.
Add lemon extract and combine.
Pour batter into prepared pan.
Bake 60 to 70 minutes or until pick inserted in center comes out clean or with 'dry' crumbs.
Allow to cool on the countertop on a wire rack 15 minutes before inverting on a serving tray. Cool completely on the counter before covering in an airtight container. Store in air-tight container on the counter-top for 3 to 4 days.