In a large bowl, cream butter and sugar until light and fluffy, 5-7 minutes. Add eggs, one at a time, beating well after each addition. Beat in lemon zest and extracts. Combine flour and salt; add to creamed mixture alternately with cream. Beat just until combined.
Fill paper-lined muffin cups three-fourths full. Bake at 325° for 15-22 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.
For frosting, in a small bowl, beat shortening until fluffy. Gradually beat in the confectioners' sugar, extracts and enough milk to reach spreading consistency. Frost cupcakes.