Preheat oven to 350 degrees F and spray all surfaces of a 12 cup nonstick bundt pan with nonstick cooking spray WITH FLOUR OR grease and flour the inside of your pan. Set aside.
In a small bowl, whisk lemon juice into room temperature eggnog. Set aside.
Whisk flour, baking powder, baking soda, nutmeg, cinnamon and salt together in a medium bowl. Set aside.
Add butter and sugar to a stand mixer fitted with the paddle attachment and beat on medium-HIGH speed for at least 3-4 minutes (no shorter!), until light and fluffy, scraping down sides occasionally. Reduce speed to medium and eggs, one at a time, beating just until the yellow disappears after each egg. Beat in vanilla just until combined.
Reduce speed to low and gradually add flour mixture to butter mixture in thirds, alternately with eggnog in between each third. Beat until just combined, giving the batter a final stir by hand to get any flour at the bottom.
Transfer batter to prepared bundt pan and tap pan on the counter a few times to get rid of any air bubbles.
Bake at 350 degrees F until a wood pick inserted near the center of cake comes out with a few crumbs, 45 – 55 minutes (darker pans will require closer to 40-45 minutes).
Let cake cool in pan for 15 minutes then remove from pan to a wire rack to cool completely before frosting. If not frosting immediately, then tightly wrap cooled cake in plastic wrap.