Through freeze-thaw disaggregation of the Murchison (CM) carbonaceous chondrite, we have recovered a similar to90 x 75 mum refractory inclusion that consists of corundum and hibonite with minor perovskite. Corundum occurs as small (similar to10 mum), rounded gains enclosed in hibonite laths (similar to10 mum wide and 30-40 mum long) throughout the inclusion. Perovskite predominantly occurs near the edge of the inclusion. The crystallization sequence inferred petrographically-corundum followed by hibonite followed by perovskite-is that predicted for the first phases to form by equilibrium condensation from a solar gas for P-tot less than or equal to 5 x 10(-3) atm. In addition, the texture of the inclusion, with angular voids between subhedral hibonite laths and plates, is also consistent with formation of the inclusion by condensation. Hibonite has heavy rare earth element (REE) abundances of similar to40 x CI chondrites, light REE abundances similar to20 x CI chondrites, and negative Eu anomalies. The chondrite-normalized abundance patterns, especially one for a hibonite-perovskite spot, are quite similar to the patterns of calculated solid/gas partition coefficients for hibonite and perovskite at 10-3 atm and are not consistent with formation of the inclusion by closed-system fractional crystallization. In contrast with the features that are consistent with a condensation origin, there are problems with any model for the formation of this inclusion that includes a molten stage, relic grains, or volatilization. If thermodynamic models of equilibrium condensation are correct, then this inclusion formed at pressures <5 x 10(-3) atm, possibly with enrichments (< 1000x) in CI dust relative to gas at low pressures (below 10(-4) atm). Both hibonite and corundum have delta(17)O approximate to delta(18)O approximate to -50parts per thousand, indicating formation from an O-16-rich source. The inclusion does not contain radiogenic Mg-26 and apparently did not contain live Al-26 when it formed. If the short-lived radionuclides were formed in a supernova and injected into the early solar nebula, models of this process suggest that Al-26-free refractory inclusions such as this one formed within the first similar to6 x 10(5) years of nebular collapse.