In large bowl, beat the sugar, buttermilk, oil, eggs and extract until well blended. Combine the flour, baking powder, baking soda and salt; gradually beat into the sugar mixture until blended. Stir in coconut and walnuts.
Transfer to a greased and floured bundt pan. Bake at 325 degrees for 60 - 70 minutes or until a toothpick inserted near the center comes out clean. Cool for 10 minutes.
In a saucepan, bring the cup of sugar and water to a boil over medium heat. Cook and stir for five minutes or until mixture is slightly reduced. Remove from heat and stir in butter and extract. Remove cake from pan to a wire rack. Poke holes in warm cake with a skewer; slowly pour syrup over cake. Cool completely before cutting. ENJOY!