Preheat the oven to 350°F. Line a loaf pan with parchment paper and set aside.
Sift together the all-purpose flour, baking soda, baking powder and salt. Set aside.
In the bowl of an electric mixer, cream together the butter and sugar until light and fluffy. Add the eggs – one at a time, followed by the oil and mix to combined Stop the mixer and scrape down the bowl.
With the mixer on low, add in half of the dry ingredients followed by the sour cream. Mix until combined. Stop the mixer and add the second half of the dry ingredients and stir together by hand until smooth.
Divide the batter in half and place the second portion in a mixing bowl. Set aside. Add the cocoa powder and red food coloring to half of the batter and mix to combine.
Use cookie scoops to add spoonfuls of each batter to a lined loaf pan. Alternate the two different batters to create a checker-board pattern. Once all of the batter has been added, use the tip of a knife to swirl it around a few times.
Bake the cake for 55 to 60 minutes or until a toothpick inserted into the center of the cake comes out clean or with a few moist crumbs.
Cool the cake on a wire rack for at least 30 minute before adding the frosting.