Cake: Cream margarine and sugar until light and fluffy. Add eggs, one at a time, beating until well blended. Add carrots and vanilla, mix well. Add combined
dry ingredients alternately with milk, mixing well after each addition. Stir in nuts. Pour batter into a greased 9-inch bundt pan or loaf pan. Bake at 350 for 1 hour. Cool 10 minutes
before removing from pan.
Frosting: Combine softened cream cheese, milk and vanilla,
mixing until well blended. Gradually add sugar, mixing well. If frosting seems too stiff, add a small amount of milk