Cream butter and sugar together until light and fluffy. Add eggs, 1 at a time, beating well after each addition. Sift together flour, baking powder, baking soda, and salt. Combine reserved bourbon with lemon peel and juice. Add dry ingredients to butter mixture alternately with bourbon mixture.

Toss remaining 1/4 cup flour with drained raisins and nuts; fold into batter. Pour into a greased and floured 10-inch Bundt pan. Bake in a preheated 350-degree oven for about 1 1/2 hours, or until a toothpick inserted near the center comes out clean. Cool cake in pan about 10 minutes, then turn out onto a wire rack. Brush with remaining bourbon.

This cake will keep for a long time if wrapped in a bourbon-soaked cheesecloth and stored in a tightly-lidded container.