In a large bowl, cream butter and sugar until light and fluffy. Add 1 egg at a time, beating well after each addition. Stir in almond extract. Combine the flour, baking powder, baking soda and salt; add the creamed mixture alternately with sour cream, beating well after each addition.
Sprinkle the walnuts into a greased 9-in. fluted tube pan. Spread one third of the batter over nuts; top with half the cranberry sauce. Repeat layers, ending with the final third of batter.
Bake at 350° for 50-55 minutes or until a toothpick inserted in the center comes out clean. Cool for 10 minutes before removing from pan to a wire rack to cool completely. Combine glaze ingredients; drizzle over coffee cake.