1. Preheat oven to 275 degrees.
2. Grease and flour a tube pan on the bottom and up all sides.
3. Place 1/2C of butter, regular sugar, shortening, 1 TBSP of vanilla, food coloring and eggs together in a large bowl.
4. Using an electric mixer on low speed cream ingredients together until smooth.
5. Place flour, baking powder, salt and cocoa into another bowl and mix well.
6. Slowly add dry ingredients to into the creamed mixture.
7. Alternate with milk and stir after each milk addition.
8. Bake cake for 1-1/2 hours or until toothpick inserted comes out clean.
9. Remove cake to cool.
10. To make the icing combine cream cheese, 10X sugar, 1 tsp vanilla and 1/2 stick of butter together.
11. Cream until smooth.
12. Spread icing over cooled cake.