Cream oil and sugar at high speed.
Add eggs one at a time.
Add sifted flour alternately with milk.
Fold in flaked coconut.
Bake at 325° for 1 hour to 1 hour and 20 minutes.
Combine 1 c sugar, 1/2 c Karo syrup, 1/2 c water and 1 t coconut flavoring.
Boil 5 minutes.
Pour over cake while hot.