Cake:
Preheat oven to 350º. Grease and flour 12 cup fluted tube pan or 10 inch tube pan. In large bowl, beat sugar and margarine until light and fluffy. Add eggs one at a time, beating well after each addition. Gradually add 2 cups powdered sugar, blend well. Lightly spoon flour into measuring cup; level off. By hand stir in flour, ¾ cup of unsweetened cocoa and chopped nuts until well blended. Spoon batter into pan, spreading evenly. Bake for 58-62 minutes. Cool upright in pan on wire rack for one hour. Invert onto serving plate. Cool completely.
Glaze:
In small bowl, blend powdered sugar, cocoa, and enough milk for desired drizzling consistency. Spoon over cake, allowing some to run down sides. Store tightly covered.
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