Grease and flour 1 (10-inch), 1 (8-inch), and 1 (6-inch) round cakepan; set aside.
Beat butter at medium speed with an electric mixer until creamy; gradually add sugar, beating until blended. Add eggs, 1 at a time, beating just until blended.
Add flour to butter mixture alternately with milk, beginning and ending with flour. Beat mixture at low speed until blended after each addition. Stir in extracts.
Spoon 5 cups batter into 10-inch pan, 3 cups batter into 8-inch pan, and 2 cups batter into 6-inch pan.
Bake cakes at 325°. Bake 10-inch layer for 45 minutes, 8-inch layer for 38 minutes, and 6-inch layer for 35 minutes or until a wooden pick inserted in center comes out clean. Cool in pans on wire racks 10 minutes; remove from pans, and let cool completely on racks.
Wrap layers in plastic wrap, and freeze 2 hours.
Note: Layers may be frozen up to 1 month. Unwrap and thaw at room temperature 2 hours.