Step 1 Heat the oven to 325 degrees. Set aside an ungreased 10-inch tube pan.
Step 2 Sift the flour, baking powder, sugar and salt together into a bowl. Make a well and add the oil, egg yolks, water and vanilla and almond extracts. Beat with a spoon until smooth, or mix with an electric mixer on medium speed, 1 minute.
Step 3Place the egg whites and cream of tartar in a bowl and beat with an electric mixer until stiff peaks form, 3 to 5 minutes. Do not under-beat. Gradually pour the yolk mixture over the beaten whites, folding just until blended. Do not stir. Fold in the coconut. Pour the batter into the pan.
Step 4Bake the cake 55 minutes, then increase the temperature to 350 degrees and bake until the cake springs back when touched, 10 to 15 minutes. Turn the pan upside down and place over the neck of a funnel or bottle to cool.