4 1/2-5 1/2 c. unsifted flour
1/2 c. sugar
1 tsp. salt
2 pkgs. Fleischmann's dry yeast
1/2 c. milk
1/2 c. water
1/2 c. (1 stick) butter
3 eggs, room temperature
1 egg
1 tbsp. water

In large bowl thoroughly mix 1 1/2 cups flour, sugar, salt and yeast. Combine milk, 1/2 cup water and butter in a saucepan. Heat over low heat until liquids are warm (butter doesn't need to melt). Gradually add to dry ingredients and beat 2 minutes at medium speed, scraping bowl occasionally. Add enough additional flour to make a soft dough. Turn out onto lightly floured board; knead until smooth and elastic (8-10 minutes).

Place in a greased bowl, turning to grease top. Cover; let rise in warm, draft free place until double in bulk (about 1 hour). Punch dough down. Cover; let rise again until almost double (about 30 minutes).

Punch dough down again; turn out onto lightly floured board. Divide in half; form into round balls. Place on opposite corners of greased baking sheet. Cut across 1/2 inch deep on top of each ball. Cover; let rise until doubled in bulk (about 1 hour).

Beat 1 egg with 1 tablespoon water. Brush tops of Panettone. Bake at 350 degrees about 35-45 minutes or until done. Remove from sheet and cool on wire racks.