Preheat oven to 350 degrees. Lightly oil and flour 2 (9 inch) cake pans.
2.
In a large bowl, sift together the flour, baking powder, and baking soda together. Set aside. Whisk the cocoa and food coloring in a small bowl until smooth. In another bowl beat the oil and sugar together (scrape sides of bowl) until mixture has lightened in color and becomes fluffy about two minutes.
3.
Add the eggs one at a time and then the vanilla, beat for 15 seconds. Scrape the sides of bowl. Add the red cocoa mixture and mix until even. On low speed add the flour mixture and buttermilk beat for about 2-3 minutes. (Do not overwork batter or it will make the cake tough). Divide the batter between the two cake pans and spread the tops easily with a spoon. Bake for about 35-45 minutes or until a toothpick inserted in middle comes out clean. Remove from oven and let cool on rack for 10 minutes. Slide a knife around the edges and invert cakes onto the rack to cool completely at least 1 hour.
4.
Icing: Mix the cream cheese, butter, powdered sugar and vanilla with an electric mixer until smooth. Spread on the cakes once they are cool. Sprinkle pecans on top (optional).
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