1. Preheat oven to 350 degrees F. In a large bowl, beat together butter, sugar and eggs with an electric mixer on medium speed until light and fluffy, 3 to 4 minutes. Beat in sour cream and vanilla until well blended. Add flour, baking powder, baking soda and salt; beat until well mixed. Stir in nuts and chocolate chips. Turn batter into a well greased 12- cup bundt pan.

2. Bake 45 to 55 minutes, or until golden and a cake tester inserted in center comes out clean. Let cake cool in pan 15 minutes, then unmold onto a serving plate to cool completely.