In the bowl of a stand mixer fitted with a whisk attachment, beat the egg whites together with the cream of tartar.
Gradually add 1/2 cup of the sugar; continue beating until egg whites form stiff peaks and are glossy. Set aside.
In a large bowl, whisk together the remaining 1 cup sugar, flour, baking powder, and salt.
In a separate medium bowl, beat together the egg yolks, water, oil, and extracts until pale yellow.
Add the wet ingredients to the flour mixture, and beat until well-blended, about 1-2 minutes.
Gently fold in the whipped egg whites.
Gently pour the batter into an ungreased 10-inch tube pan.
Bake the cake for 50-60 minutes, or until the top is golden brown and looks dry.
Cool the cake upside down for 1 hour on a heat-resistant, thin-necked bottle before removing it from the pan.
Dust cake with powdered sugar, if desired.
Notes
Cake flour: Cake flour helps to make this a delicate cake. If you choose to substitute all-purpose flour for the cake flour, the cake won't be as light and fluffy.