Let \( L = \lim_{x \to 0} \left( \frac{(1 + y)^{1/x} - 1}{y} \right) \).
Consider the case where \( y \) is a fixed non-zero constant.
As \( x \to 0 \), \( 1/x \to \pm \infty \).
If \( |1 + y|>1 \), the limit will generally be \( \pm \infty \).
If \( |1 + y|<1 \), \( (1 + y)^{1/x} \to 0 \), and the limit is \( -1/y \).
If the question implies a specific relationship between \( x \) and \( y \) or a multivariable limit, the approach would differ.
However, treating \( y \) as a fixed non-zero constant, the limit does not generally equal 1.
If there was a typo and the limit was intended as \( \lim_{y \to 0} \frac{(1 + y)^{1/x} - 1}{y} \) for a fixed \( x \neq 0 \), using L'Hôpital's rule with respect to \( y \):
$$ \lim_{y \to 0} \frac{\frac{d}{dy}((1 + y)^{1/x} - 1)}{\frac{d}{dy}(y)} = \lim_{y \to 0} \frac{\frac{1}{x} (1 + y)^{\frac{1}{x} - 1}}{1} = \frac{1}{x} (1)^{\frac{1}{x} - 1} = \frac{1}{x} $$
This still depends on \( x \).
Given the answer is 1, there might be a specific context or a standard limit being invoked that is not immediately obvious from the expression as written.