Heat oven to 350°F. Grease bottom, side and tube of 10x4-inch angel food cake pan (tube pan), 12-cup fluted tube cake pan or two 9x5-inch loaf pans with shortening; lightly flour.
In medium bowl, mix flour, baking powder and salt; set aside. In large bowl, beat granulated sugar, butter, vanilla and eggs with electric mixer on low speed 30 seconds, scraping bowl constantly. Beat on high speed 5 minutes, scraping bowl occasionally. Beat flour mixture into sugar mixture alternately with milk on low speed, beating just until smooth after each addition. Pour into pan(s).
Bake angel food or fluted tube cake pan 1 hour 10 minutes to 1 hour 20 minutes, loaf pans 55 to 60 minutes, or until toothpick inserted in center comes out clean. Cool 20 minutes; remove from pan(s) to wire rack. Cool completely, about 2 hours. Sprinkle with powdered sugar.