Steps:
- Grease and flour two 9-inch round baking pans. Preheat oven to 350 degrees. In a medium bowl, sift together flour, baking soda and salt. In a large mixer bowl, cream together sugar, oil and butter for 5 minutes on high speed. Add egg yolks, one at a time, beating well after each. Stir in vanilla. Add dry ingredients alternately with buttermilk. Place coconut in food processor and finely chopped by pressing pulse button several times. Stir coconut and walnuts into batter. Beat egg whites until stiff, gently fold into batter. Pour into prepared pans and bake for 30 to 40 minutes until toothpick inserted in center comes out clean. Cool layers completely; carefully split layers. Prepare frosting by beating cream cheese, butter, powdered sugar and vanilla on high speed for 5 minutes. Place one layer, cut side up on serving plate. Spread with 1/2 cup jam and top with next layer, cut side down. Spread with 3/4 cup frosting. Repeat with remaining layers. Frost cake sides. Refrigerate until serving time.
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