Grease and flour 1 (12-inch), 1 (9-inch), and 1 (6-inch) round cakepan; set aside.
Beat butter at medium speed with an electric mixer until creamy; gradually add sugar, beating well. Add egg yolks, 1 at a time, beating well after each addition.
Combine flour, baking powder, and salt; add to butter mixture alternately with milk, beginning and ending with flour mixture. Beat at low speed until blended after each addition. Stir in extracts.
Beat egg whites at high speed until stiff peaks form; fold into batter. Spoon 2 cups batter into 6-inch pan, 4 cups batter into 9-inch pan, and remaining batter into 12-inch pan.
Bake at 325° for 40 to 45 minutes or until a wooden pick inserted in center comes out clean. Cool in pans on wire racks 10 minutes; remove from pans, and cool completely on wire racks.
Wrap layers in plastic wrap to prevent drying; chill.
NOTE: Layers may be wrapped in aluminum foil and frozen for up to 1 month. Unwrap and thaw at room temperature about 2 hours.