1Place egg whites in a large bowl; let stand at room temperature for 30 minutes.
2Preheat oven to 325°. In another large bowl, beat sugar, butter and oil until well blended. Add egg yolks, one at a time, beating well after each addition. Beat in extracts.
3Combine flour, baking powder, baking soda and salt; add to creamed mixture alternately with buttermilk, beating well after each addition. Stir in coconut.
4Add cream of tartar to egg whites; with clean beaters, beat on medium until stiff peaks form. Fold a fourth of the egg whites into batter, then fold in remaining whites.
5Transfer to three greased and floured 9-in. round baking pans. Bake 25-30 minutes or until a toothpick inserted in center comes out clean. Cool 10 minutes before removing from pans to wire racks to cool completely.
1In a small bowl, beat cream cheese and butter until fluffy. Add confectioners’ sugar and extract; beat until smooth.
2Place one cake layer on a serving plate; spread with 1/2 cup frosting and sprinkle with 1/3 cup coconut. Repeat. Top with remaining cake layer. Spread remaining frosting over top and sides of cake; sprinkle with remaining coconut. Refrigerate for 2 hours before cutting. Store in the refrigerator.
You can also add toasted coconuts for an extra treat.