Preheat oven to 350°F (175°C) and grease and flour a 12-cup bundt pan thoroughly.

In a medium bowl, whisk together flour, baking powder, baking soda, ground nutmeg, cinnamon, cloves, and salt.

In a large bowl, beat softened butter and granulated sugar with an electric mixer on medium-high speed for about 3 minutes until pale and fluffy.

Add eggs one at a time to the butter mixture, beating well after each addition and scraping down the bowl sides.

In a small bowl, stir together eggnog, dark rum or bourbon, and vanilla extract.

Add the flour mixture and eggnog mixture to the butter mixture in alternating batches, starting and ending with the flour mixture.

Pour the batter into the prepared bundt pan and tap gently on the counter to release any large air bubbles.

Bake for 50 to 55 minutes, until a toothpick inserted into the center comes out clean or with a few moist crumbs.

Let the cake cool in the pan for 15 minutes, then turn out onto a wire rack to cool completely.

In a small bowl or saucepan, whisk powdered sugar, eggnog, and rum until smooth to make the glaze.

Drizzle the glaze over the cooled cake and sprinkle with a pinch of nutmeg.