2 cups sugar
1-1/2 cups vegetable oil
1 teaspoon vanilla
2 cups flour
2-1/2 teaspoons baking powder
1/2 teaspoon baking soda
1 teaspoon salt
1 teaspoon cinnamon
2 cups shredded carrots
1 cup chopped nuts
Combine eggs, sugar, oil and vanilla. Mix well. Add remaining ingredients. Mix well. Bake at 350 degrees for 45 minutes until top springs back when touched or when a toothpick inserted in the middle comes out clean. Cool on wire rack.
Frosting
1/4 cup margarine
1 package (8 ounce) cream cheese
1 pound powdered sugar (or less depending on texture and taste)
1 teaspoon vanilla
Mix together well. Frost the cake when it has cooled.